Happiest Minds Technologies’ board of directors approved a Rs 1,400 crore equity or debt bond raise on Wednesday. According to the filing, the company has the option of raising funds through a public offering, preferred allotment, private placement, or other means.
Happiest Minds Technologies, an IT services company, gained clearance from its board of directors on Wednesday to raise to Rs. 1,400 crores. Happiest Minds announced a 57% increase in total net profit in the first quarter that ended June 30, 2022, at Rs 53.34 crore. During the reported quarter, the company’s consolidated revenue from operations increased 34.46 per cent to Rs 328.92 crore.
The company’s board of directors has authorised a “raise of up to Rs 1,400 crore inclusive of premium amount, if any” through the issuance of any instrument or securities, including equity shares, global depository receipts, American depository receipts, fully/partially convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof.
Happiest Minds Technologies Ltd. provides information technology (IT) services. In April 2011, Joseph Anantharaju, Ramakanth Desai, Salil Godika, Vikram Gulati, Puneet Jetli, Aurobinda Nanda, Prasenjit Saha, Dattatri Salagame, Raja Sekher, Raja Shanmugam, Ashok Soota, and K. Venkatesan created the company.
Happiest Minds technologies include web technologies, managed infrastructure, managed safety, agile infrastructure, data management, digital transformation, product engineering, and IT security. Its main segments include Infrastructure Management & Security Services (IMSS), Digital Business Solutions (DBS), and Product Engineering Services (PES). In a wide range of industry verticals and geographical areas, the IMSS segment offers end-to-end infrastructure and security solutions with a focus on cloud, virtualization, and mobility.
Enterprise software and customised solutions are offered by the DBS category, enabling firms to adapt their operations more quickly and intelligently. The PES segment assists software companies in building solid products and services that use social, cloud, and mobile technology.
Happiest Minds Technologies had also announced earlier the completion of a 183 kWp solar power plant at its Smiles 2 location in Madivala, Bengaluru.
EcoSoch Solar’s 183 kWp solar power plant will create 256 megawatt hours of electricity per year and is expected to decrease 210 metric tonnes (MT) of carbon emissions annually and 5200 MT throughout its lifecycle.
Happiest Minds seeks to be acknowledged for its high levels of ESG standards and aims to achieve carbon neutrality in its operations by 2030. The new solar power plant is being built to help the company accomplish its objective of becoming a part of a cleaner energy future while also ensuring long-term business viability.
Its board of directors approved a Rs 1,400 crore fundraising through the issuing of any stock or debt instrument or securities in one or more tranches. The funding is subject to all relevant approvals, including approval from the Company’s members and any other regulatory/statutory approvals that may be required.
The Notice of Postal Ballot, along with instructions for e-voting, will be given to members whose names appear in the register of members/list of beneficial owners as of the Cut-off date, Friday, October 07, 2022.
Happiest Minds Technologies Limited previously announced that the company has won the coveted Golden Peacock Award for Excellence in Corporate Governance (GPAECG) for 2022.
Happiest Minds will receive the prize during the ‘Golden Peacock Awards Presentation Ceremony on November 10, 2022, in London, as part of ‘The Institute of Directors’ 2022 Annual London Global Convention on Corporate Governance & Sustainability (UK). This year’s convention theme is ‘Building an Effective Board that Works & TOP GLOBAL TRENDS.’
Happiest Minds received the prestigious Golden Peacock Business Excellence Award for the year 2021. Designed for the long term, the company strives to consciously use its digital technology-led business excellence for its people, clients, and community, guided by its mission statement of ‘Happiest People. Happiest Customers.’
