Happiest Minds Technologies, an IT firm founded by Ashok Soota, has announced the successful completion of its capital raise of ₹500 crore ($61 million) through a qualified institutions placement (QIP) of equity shares.

The fund-raising committee of the board of directors of the company approved the allotment of 54,11,255 equity shares of a face value of ₹2 to eligible investors at a price ₹924 per share (including a premium of ₹922 per equity share), the company said in a statement.

This was the first-ever equity capital raised by Happiest Minds after its IPO in 2020. The capital raise garnered a strong response from institutional investors.

Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies said, “This raise of growth capital’ is a key step towards our strategy to drive business growth and success in the coming years.”

The proceeds of the Issue would predominantly be utilised for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes, the company said.