Happiest Minds Purchases Office Space in Bengaluru

Happiest Minds Technologies Limited has announced the purchase of a Grade A, completely built-up ready-to-use commercial property in Bengaluru with a super developed area of 240,000 Sq.Ft for consideration of Rs.101 Crores. The venue, which has a seating capacity of 1,600, is located in Electronics City, a technology hub.

Venkatraman Narayanan, MD & CFO, Happiest Minds, 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 increases the Company’s seating capacity in Bangalore by around 30% and is in line with the Company’s expansion plans and objective of boosting delivery capabilities across existing and newer locations like Bhubaneshwar.