Shares of Happiest Minds Technologies Ltd. fell nearly 3.5 percent on Tuesday, even as the IT firm announced successfully raising Rs 500 crore ($61 million) through a Qualified Institutions Placement (QIP) of equity shares.
This was the first-ever equity capital raised by the company after its initial public offering (IPO) in 2020.
The issue attracted a robust response from institutional investors, Happiest Minds Technologies said in a filing to the stock exchanges on Tuesday.
"This raise of ‘growth capital' is a key step towards our strategy to drive business growth and success in the coming years," Venkatraman Narayanan, MD, and CFO, of Happiest Minds Technologies said.
Happiest Minds Technologies, a digital transformation and IT consulting company, posted a consolidated income of Rs 1,450 crore and a profit after tax (PAT) of Rs 231 crore for the financial year 2023.
Last month, in an interview with CNBC-TV18, Narayanan said that the IT firm is facing staffing issues in terms of getting people and ramping up to the required numbers.
