Happiest Minds Technologies raises Rs 500 crore via QIP; share price falls 3%

The share touched a 52-week high of Rs 1,136.45 and a 52-week low of Rs 763.50 on 19 August, 2022 and 29 March, 2023, respectively.

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Happiest Minds Technologies share price were down 3 percent at Rs 964.55 at 9.25 am on July 18.

The company said it has completed its capital raise of Rs 500 crore / USD 61 million through a qualified institutional placement (QIP) of equity shares.

The shares have been allotted to the investors at Rs 924 a price.

This was the first-ever equity capital raise by the company after its IPO in 2020.

The capital raise garnered a strong response from institutional investors.

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The proceeds of the issue will predominantly be utilised for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes, company said.