<p>IT company Happiest Minds Technologies on Tuesday said it has raised capital to the tune of Rs 500 crore through Qualified Institutional Placement (QIP) of equity shares.</p>.<p>The fund-raising committee of the Board of Directors approved the allotment of 54.11 lakh equity shares of face value Rs 2 to eligible investors at a price Rs 924 per share (including premium of Rs 922 per equity share), the company said in a release.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/dli-scheme-20-centre-mulls-picking-up-equity-stake-in-homegrown-chip-design-firms-1237802.html">DLI scheme 2.0: Centre mulls picking up equity stake in homegrown chip design firms</a></strong></p>.<p>This was the first-ever equity capital raise by the company after its successful IPO in 2020, it said, adding that the capital raise garnered a strong response from institutional investors.</p>.<p>"Happiest Minds Technologies successfully completes a capital raise of Rs 500 crores/$61 million through a Qualified Institutions Placement (QIP)," the company said.</p>.<p>The proceeds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.</p>.<p>Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies described the capital raise as a key step towards the company's strategy to drive business growth and success in the coming years.</p>.<p>"After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP. We thank our investors for the continued trust and responsibility they place on us," Narayanan said.</p>
<p>IT company Happiest Minds Technologies on Tuesday said it has raised capital to the tune of Rs 500 crore through Qualified Institutional Placement (QIP) of equity shares.</p>.<p>The fund-raising committee of the Board of Directors approved the allotment of 54.11 lakh equity shares of face value Rs 2 to eligible investors at a price Rs 924 per share (including premium of Rs 922 per equity share), the company said in a release.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/dli-scheme-20-centre-mulls-picking-up-equity-stake-in-homegrown-chip-design-firms-1237802.html">DLI scheme 2.0: Centre mulls picking up equity stake in homegrown chip design firms</a></strong></p>.<p>This was the first-ever equity capital raise by the company after its successful IPO in 2020, it said, adding that the capital raise garnered a strong response from institutional investors.</p>.<p>"Happiest Minds Technologies successfully completes a capital raise of Rs 500 crores/$61 million through a Qualified Institutions Placement (QIP)," the company said.</p>.<p>The proceeds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.</p>.<p>Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies described the capital raise as a key step towards the company's strategy to drive business growth and success in the coming years.</p>.<p>"After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP. We thank our investors for the continued trust and responsibility they place on us," Narayanan said.</p>