On July 18, 2023, Happiest Minds Technologies’ share price tumbled 3% to Rs 964.55 at 9:25 am.

The company mentioned that it had accomplished its capital raise of Rs 500 crore, i.e., $61 million, through a qualified institutional placement (QIP) of equity shares.

The shares are allotted to the investors at Rs 924 per share.
This was considered the first-ever equity capital raised by the company after its IPO in 2020.
The capital raise stored a strong response from institutional investors.

The company said the proceeds of the issue would be utilised for capitalising working capital requirements, investments in subsidiaries, funding inorganic growth and other all-purpose corporate drives.