Happiest Minds greenlights funding of USD 170 Mn via security issuance

Happiest Minds greenlights funding of USD 170 Mn via security issuance

IT consultancy and services company Happiest Minds Technologies Limited has reportedly received a nod of approval from its board to raise a sum of USD 170 million through security issuances. The whopping amount will be withdrawn only after obtaining the approval of shareholders through a postal ballot.

The company issued a statement regarding the same at its regulatory filing claiming that it is currently seeking approval from its shareholders to raise a sum of not more than USD 170 million through instruments or securities such as equity shares, warrants, global depository receipts, foreign currency convertible bonds, American depository receipts or any other combination in one or more tranches.

The corporation is permitted to issue the securities through a public issue, private, and preferential allotment or a combination wherever deemed necessary to eligible investors.

It is worth mentioning that the fundraising can only be completed after receiving a full approval from the members of the company and after meeting the requirements of other statutory or regulatory laws.

Revealing the details of how the fundraising event would be conducted, the IT firm claimed that it would send a notice of the postal ballot along with the instructions for e-voting for its members whose names remain on the list of benefactors by 7th October 2022.

On 4th October the shares of the company closed at a rate of USD 12.17 per piece, showcasing an increase of 1.14% on BSE. The overall market value of the company stands at USD 17.67 billion.

Interestingly, during the first quarter of FY23, Happiest Mind Technologies stood at a consolidated net profit of USD 6.8 million, showcasing a year-over-year hike in CAGR of nearly 57.7%. Revenue also climbed at a CAGR of 34.5% to accumulate USD 40.15 million.

For those unaware, Happiest Mind Technologies Limited is an IT consultancy and services company that aids other enterprises across the verticals of consumer packaging goods, BFSI, automotive, R&D, e-commerce, healthcare, and manufacturing among others to leverage digital transformation by offering benefitable consumer experience, lucrative insights, and business efficiency.

Source Credits: - https://www.livemint.com/companies/news/happiest-minds-tech-s-board-approves-fundraising-of-rs-1-400-cr-via-issuance-of-securities-11664990992649.html