The board of IT firm Happiest Minds Technologies on Wednesday approved raising up to 1.4 billion rupees through equity or debt bonds, the company said in a regulatory filing.
“We wish to inform you that the board at its meeting held today, October 5, 2022, has considered and approved, among other things, the matter related to fundraising,” the filing says.
The company board has approved “to raise up to Rs. 1.4 billion, including premium amount, if any,” by issuing any instrument or securities, including equity shares, global depository receipts , American depositary receipts, fully or partially convertible bonds, foreign bonds. currency convertible bonds, warrants or any combination thereof.
The company is even allowed to opt for a public issue, preferential allotment, private placement, etc. for fundraising, according to the filing.
Happiest Minds had reported a 57% rise in consolidated net profit at Rs 53.34 crore in the first quarter ended June 30, 2022.
The company’s consolidated revenue from operations rose 34.46 percent to Rs 328.92 crore in the reported quarter.