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.

Mr Venkatraman Narayanan, MD & CFO
Mr Venkatraman Narayanan, MD & CFO

Speaking on the purchase, Mr Venkatraman Narayanan, MD & CFO said “Financially, the purchase is funded substantially through borrowings from banks at very favourable 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.

Leave a Reply