Happiest Minds Technologies share prices fell 4% on Tuesday after the firm announced a capital raise of Rs 500 crores or $61 million through a Qualified Institutions placement of the shares.

This is the first-ever equity capital raise done by the company after its IPO in 2020.

Happiest Minds Technologies said in a regulatory filing that “The Fund-Raising Committee of the Board of Directors of the Company, at its meeting held on July 14, 2023, approved the allotment of 54,11,255 equity shares of face value Rs 2 to eligible investors at a price Rs 924 per share,”.

the company reported a consolidated income of Rs 1,450.40 crore and a net profit of Rs 230.99 crore in FY23.

Happiest Minds Technologies shares have gained over 11% in the last year. The stock debuted on exchanges on September 17, 2020, listing at a premium of 111% to the issue price. The stock is up around 480% from its issue price of Rs 166 per share.

At 1:30 pm, the share was trading at Rs 944.70 apiece, 5.10% below its previous close on NSE.