Happiest Minds Tech board OKs raising Rs 125 cr via NCDs

The IT solutions provider announced that its board approved the issue and allotment of non-convertible debentures (NCDs) aggregating to Rs 125 crore on private placement basis in domestic market in three tranches.

The funds raised will be utilized towards the general corporate purposes of the company.

Happiest Minds will issue 12,500 unsecured, negotiable, redeemable, rated, listed NCDs aggregating to Rs 125 crore having tenure of three years from the date of allotment of each tranche.

Meanwhile, in an exchange filing the company said, The issue of commercial papers in domestic market on private placement basis has been deferred for consideration at an appropriate time.

Happiest Minds Technologies is a next-generation digital transformation, infrastructure, security and product engineering services company.

The company's net profit decreased 3.8% to Rs 57.58 crore despite of 3.2% in revenues to Rs 366.88 crore in Q3 FY23 over Q2 FY23.

The scrip rose 0.62% to currently trade at Rs 855.40 on the BSE.

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