Share Market Live

NSE

The board of Happiest Minds Technologies Ltd on Thursday approved a fundraise of Rs 1,400 crore. The company's cash on the books as of June 30 was Rs 670 crore. The company is in a silent period before the announcement of its quarter two results.

Happiest Minds will likely use the raised funds for potential mergers and acquisitions to meet the company's growth guidance. The company plans to grow at CAGR of 25 percent over the next five years. The company has a revenue aspiration of $1 billion by FY31 (dollar revenue was at $146 million in FY22).

The company has said that acquisition would be a significant part of their 10-year strategy. Another likely use of the raised funds is to finance facility purchases.

The company has purchased a ready-to-use commercial property with a super built-up area of about 240,000 square feet in Bengaluru for a consideration of Rs 101 crore. "This increases our seating capacity and will augment our delivery and in-house training capabilities," the company had said.

Shares of Happiest Minds Technologies rose by 2.8 percent on Thursday after the fundraise approval news. The shares were up 2.1 percent at Rs 1,017.9 on BSE at 10:26 am.

The stock of the company has plunged 25 percent in the past year. The stock is nearly 30 percent off 52-week high of Rs 1,439 apiece.

Catch latest market updates with CNBCTV18.com's blog

First Published:Oct 6, 2022 10:59 AM IST