Happiest Minds board approves raising of Rs 1,400 cr through equity debt

IT company Happiest Minds Technologies board on Wednesday approved raising of up to Rs 1,400 crore through equity or debt bonds, the company said in a regulatory filing.

"We wish to inform you that the board at its meeting held today i.e. October 5, 2022 has inter alia considered and approved the matter related to raising funds," the filing said.

The company board has approved "raising of up to Rs 1,400 crore inclusive of premium amount, if any" by way of issuance of any instrument or securities, including equity shares, global depository receipts, American depository receipts, fully/partly convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof.

The company has permission to even opt for a public issue, preferential allotment, private placement etc for fund raise, according to the filing.

Happiest Minds had reported about 57 per cent increase in consolidated net profit at Rs 53.34 crore in the first quarter ended June 30, 2022.

The company's consolidated revenue from operations were up 34.46 per cent to Rs 328.92 crore during the reported quarter.