Happiest Minds purchases 2.4 lakh sq ft office space in Bengaluru

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile' company, today announced that it has purchased a Grade A, fully built up ready to use commercial property with a super built area of 240,000 Sq.Ft in Bengaluru for a consideration of ₹101 Crores. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City.

Speaking on the purchase, Mr Venkatraman Narayanan, MD & CFO said "Financially, the purchase is funded substantially through borrowings from banks at very favorable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet. We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term."

The facility enhances the Company's seating capacity in Bangalore by about 30% and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneshwar.

Shares of Happiest Minds Technologies Limited was last trading in BSE at Rs. 828.50 as compared to the previous close of Rs. 829.05. The total number of shares traded during the day was 31618 in over 3803 trades.

The stock hit an intraday high of Rs. 839.50 and intraday low of 821.65. The net turnover during the day was Rs. 26200760.00.

Source : Equity Bulls

Keywords

HappiestMindsTechnologies INE419U01012 GradeA CommercialProperty Bengaluru 1600Seats ElectronicsCity