homebusiness Newscompanies NewsHappiest Minds Technologies has three potential acquisition targets Here are the details
Happiest Minds Technologies has three potential acquisition targets - Here are the details
MD & CEO Venkatraman Narayanan said that the current acquisition pipeline looks promising and the talks with three potential acquisition targets are making steady progress.
Happiest Minds Technologies Ltd., one of the most successful IPOs of recent times, is in active talks with three companies for a potential acquisition, the company's management told CNBC-TV18 in an interaction.
MD & CEO Venkatraman Narayanan said that the current acquisition pipeline looks promising and the talks with three potential acquisition targets are making steady progress. "We'll keep you updated, and we're on the verge of finalizing a deal with at least one of them," he said.
Bengaluru-based Happiest Minds recently completed a fresh fund raising round through a QIP. The Rs 500 crore raised was the first by the company since it listed three years ago in 2020.
The original plan, according to Narayanan, was to raise between Rs 600-800 crore, but due to market conditions, the company raised Rs 500 crore via QIP and some additional funds through the issue of Non-Convertible Debentures.
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Happiest Minds has no immediate plan to raise any further capital, Narayanan mentioned. The three-year lock-in period for Happiest Minds will end on September 15 and will free up 20 percent of the company's outstanding shares for trading, according to a Nuvama note.
Happiest Minds has implemented a wage hike for its employees. "Wage hikes have already been implemented for employees with up to seven to eight years of experience, which will marginally impact our EBITDA margin. However, we are maintaining our EBITDA margin guidance of 22 to 24 percent, and we aim to stay within that range despite the impact," Narayanan said.
For more, watch the entire interview here.
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