Happiest Minds gets Sebi's nod to launch IPO

Happiest Minds gets Sebi's nod to launch IPO

The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP).

PTIUpdated: Monday, August 24, 2020, 10:06 PM IST
article-image
NDTV to file appeal against Sebi order imposing Rs 12 lakh fine for disclosure lapses |

IT services firm Happiest Minds Technologies has received markets regulator Sebi's approval to float initial share-sale.

The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP).

The company, which filed draft papers with the markets watchdog in June, obtained its observations on August 21, latest update with the Securities and Exchange Board of India (Sebi) showed.

Sebi's observations are necessary for any company to launch public issues like initial public offering, follow-on public offer and rights issue.

The company's promoter Ashok Soota and CMDB-ll will offer shares through the offer-for-sale route.

Soota was also the founding chairman and managing director of MindTree Ltd. Prior to this, he was also the vice-chairman of Wipro Ltd.

The IT company proposes to utilise the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes.

The company will not receive any proceeds from the offer for sale. The selling shareholders will be entitled to their respective portion of the proceeds of the offer for sale.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer.

The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE.

RECENT STORIES

Gold Prices Reach Record High, Poised For Largest Monthly Surge In 14 Years Amid Federal Reserve...

Gold Prices Reach Record High, Poised For Largest Monthly Surge In 14 Years Amid Federal Reserve...

WeWork India IPO Opens Soon, Price Band Set At ₹615-648 Per Share; Listing On BSE & NSE On October...

WeWork India IPO Opens Soon, Price Band Set At ₹615-648 Per Share; Listing On BSE & NSE On October...

Punjab Faces ₹1.11 Lakh Crore Loss Post GST Implementation, Only Receiving 61,000 Crore...

Punjab Faces ₹1.11 Lakh Crore Loss Post GST Implementation, Only Receiving 61,000 Crore...

Financial Services Company BNP Paribas Buys 1% Stake In Two-Wheeler Maker Hero MotoCorp For ₹1,035...

Financial Services Company BNP Paribas Buys 1% Stake In Two-Wheeler Maker Hero MotoCorp For ₹1,035...

Sensex, Nifty Open In Green, Investors Eyeing RBI's Monetary Policy Decision

Sensex, Nifty Open In Green, Investors Eyeing RBI's Monetary Policy Decision