Happiest Minds Technologies Limited — Important, 04-02-2025: General Updates

Happiest Minds Technologies Limited has reviewed the utilization of funds raised through its Qualified Institutional Placement (QIP) amounting to INR 500 crores (Cr). The company confirms that there has been no deviation in the utilization of these funds as per the objectives defined in the Placement Document from July 14, 2023. The Audit Committee conducted a review and found no discrepancies or changes in terms of the original allocation, which includes investments in subsidiaries, funding working capital requirements, and supporting inorganic growth. The monitoring agency, CARE Ratings Limited, has also been engaged in this oversight. This reassures investors of the company's disciplined financial management and adherence to planned objectives. Positive outlook as the company aligns well with its strategic financial goals.