IT services company, Happiest Minds Technologies received the board of directors' approval for fundraising up to Rs.1,400 crore and is likely to be raised through the issuance of securities in one or more tranches.

It has the option of a public, preferential or private placement for the issuance. The company will seek shareholders' approval for the same through a postal ballot.

According to Happiest Minds, "we wish to inform you that the Board at its meeting held today i.e. October 5, 2022, has inter alia consider and approve the matter related to raising funds by way of issuance of any instrument or securities, including equity shares, global depository receipts, American depository receipts, fully / partly convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof, in one or more tranches for an aggregate amount not exceeding Rs.1,400 crore..."

Reports say that the company can issue the securities "by way of a public issue, preferential allotment, private placement (including one or more qualified institutional placements), or through any other permissible mode and/or a combination thereof" to eligible investors.

It said, "The Notice of Postal Ballot along with the instructions regarding e-voting will be sent to the members whose names appear in the register of members/list of beneficial owners as on the Cut-off date i.e. Friday, October 07, 2022."

This week, Happiest Minds closed shares at Rs.997.10 apiece up by 1.14 percent on BSE. The company's market capitalisation currently is at Rs.14,643.77 crore.

During the first quarter of FY23, Happiest Minds delivered a consolidated net profit of Rs.56.34 crore up by 57.7 percent yoy, while revenue from operations climbed by 34.5 percent yoy to Rs.328.92 crore. Revenue growth in dollars stood at 27.4 percent yoy and 5.9 percent qoq.

The fundraising is subject to necessary approvals including the approval of the members of the Company and such other regulatory/ statutory approvals as may be required.

Happiest Minds enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency, and actionable insights. Across the industry, the company delivers services such as automotive, BFSI, consumer packaged goods, e-commerce, EduTech, engineering R&D, healthcare, hi-tech, manufacturing, retail, and travel/transportation/hospitality.