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Happiest Minds Technologies Limited — Capital/Financing Update 2020
Nov 6, 2020
61298_rns_2020-11-06_14a7e2b4-4731-479c-af98-831b4d4478dc.pdf
Capital/Financing Update
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Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office : #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 www.happiestminds.com
November 6, 2020
Listing Compliance & Legal Regulatory BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001 Stock Code: 543227
Listing & Compliance National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai 400 051 Stock Code: HAPPSTMNDS
Dear Sir/Madam,
Sub: Report of the Monitoring Agency
Pursuant to Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report dated November 6, 2020 in respect of utilization of proceeds of IPO for the quarter ended September 30, 2020, issued by M/s. ICICI Bank Limited, Monitoring Agency.
This is for your information and records.
Thanking you, Yours faithfully,
For Happiest Minds Technologies Limited
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Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706
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Report of the Monitoring Agency
Name of the Issuer: Happiest Minds Technologies Limited For quarter ended: September 30, 2020 Name of the Monitoring Agency: ICICI Bank Limited
(a) Deviation from the objects: No deviation from the object
- (b) Range of Deviation*: Not applicable
Declaration:
We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, We further declare that this report provides a true and fair view of the utilization of the issue proceeds.
We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/ directors/management and also confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer.
Signature:
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Name of the Authorized Person/Signing Authority: Saurabh Kumar Designation of Authorized person/Signing Authority: Manager Seal of the Monitoring Agency: Date: November 6, 2020
Tel.: (91-22) 2653 1414
Regd. Office: ICICI Bank
ICICI Bank Limited
Tower, ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India
Fax: (91-22) 2653 1122 Website www.icicibank.com CIN.: L65190GJ1994PLC021012
Near Chakli Circle,
Old Padra Rd, Vadodara 390 007, India
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1) Issuer Details:
Name of the issuer: Happiest Minds Technologies Limited Names of the promoter: Mr. Ashok Soota
Industry/sector to which it belongs: Information Technology Service Industry
2) Issue Details:
Issue Period: September 7, 2020 to September 9, 2020 Type of issue (public/rights): Initial Public Offer Type of specified securities: Equity Shares Issue Grading, if any: NA Issue size ( Rs in million): Rs 1,100 (Fresh Issue)
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| 3) Details of the arrangement made to ensure the monitoring of issue proceeds: | 3) Details of the arrangement made to ensure the monitoring of issue proceeds: | 3) Details of the arrangement made to ensure the monitoring of issue proceeds: | 3) Details of the arrangement made to ensure the monitoring of issue proceeds: |
|---|---|---|---|
| (Give item byitem description for all the objects stated in offer document separatelyin followingformat) | |||
| Particulars | Reply | Comments of the Monitoring Agency |
Comments of the Board of Directors |
| Whether all utilization is as per the disclosures in the Offer Document? |
Yes/No | Yes | Yes |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? |
Yes/No | NA | NA |
| Whether the means of finance for the disclosed objects of the issue has changed? |
Yes/No | No | No |
| Is there any major deviation observed over the earlier monitoringagencyreports? |
Yes/No | NA | NA |
| Whether all Government/statutory approvals related to the object(s)have been obtained? |
Yes/No | NA | NA |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? |
Yes/No | NA | NA |
| Are there any favorable events improving the viability of these object(s)? |
Yes/No | NA | NA |
| Are there any unfavorable events affecting the viability of the object(s)? |
Yes/No | No | No |
| Is there any other relevant information that may materiallyaffect the decision makingof the investors? |
Yes/No | NA | NA |
*Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.
4) Details of object(s)s to be monitored:
(i) Cost of object(s)- INR in million
| Sr. No 1 2 |
Item Head | Original Cost (as per Offer Document) |
Revised Cost |
Comments of Monitoring Agency |
Comments | of Board of Directors | of Board of Directors |
|---|---|---|---|---|---|---|---|
| Reason of cost revision |
Proposed financing option |
Particulars of firm arrangements made |
|||||
| Working capital requirements |
1,010.00 | 997.60* | NA | Estimation of higher offer expenses |
NA | NA | |
| General Corporate Purpose |
30.30 | 30.30 | NA | NA | NA | NA |
- The revision in working capital is on account of higher provisioning for the offer expenses.
ICICI Bank Limited
Tel.: (91-22) 2653 1414
Regd. Office: ICICI Bank
Tower,
ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India
Fax: (91-22) 2653 1122 Website www.icicibank.com CIN.: L65190GJ1994PLC021012
Near Chakli Circle, Old Padra Rd, Vadodara 390 007, India
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(ii) Progress in the object(s)- INR in million
| Sr. No |
Item Head | Amount as proposed in Offer Document |
Amount utilized | Amount utilized | Total unutilized Amount |
Comments of Monitoring Agency |
Comments of Board of Directors |
Comments of Board of Directors |
|
|---|---|---|---|---|---|---|---|---|---|
| As at Beginning of the quarter |
During the quarter |
At the end of the quarter |
Reason of idle funds |
Proposed Course of Action |
|||||
| 1 | Working Capital requirements of the company |
1010 | Nil | 266.74 | 266.74 | 730.86 | NA | NA | NA |
| 2. | General Corporate Purpose |
30.30 | Nil | 8.03 | 8.03 | 22.27 | NA | NA | NA |
The company has undertaken offer expenses of Rs 11.40 million and further an amount of Rs 60.70 million towards issue expenses are provisionally retained in the Public Issue account
| (iii) Deployment of unutilized Fresh |
(iii) Deployment of unutilized Fresh |
(iii) Deployment of unutilized Fresh |
Issue proceeds- INR in million | Issue proceeds- INR in million | Issue proceeds- INR in million | |
|---|---|---|---|---|---|---|
| Sr. No |
Type of instrument and name of the entityinvested in |
Amount invested |
Maturity date |
Earnings | Return on Investment (%) |
Market Value as at the end of quarter* |
| 1 | Fixed deposit – ICICI bank |
50.00 | 07/10/2020 | NIL | 2.50% | 50.00 |
| 2 | Fixed deposit – ICICI bank |
250.00 | 29/10/2020 | NIL | 2.75% | 250.00 |
| 3 | Fixed deposit – HDFC bank |
250.00 | 03/12/2020 | NIL | 3.00% | 250.00 |
| 4 | Fixed deposit – HDFC bank |
200.00 | 30/12/2020 | NIL | 3.00% | 200.00 |
| 5 | ICICI bank – monitoringaccount |
3.25 | NA | NIL | NA | 3.25 |
| Total | 753.13 | 753.13 |
- Where the market value is not feasible, provide NAV/NRV/Book Value of the same
** Fixed deposit – ICICI bank has matured during the quarter and the Company has earned interest of INR 0.12 Million on the same.
| (iv) Delayin implementation of the object(s)- Not Applicable |
(iv) Delayin implementation of the object(s)- Not Applicable |
(iv) Delayin implementation of the object(s)- Not Applicable |
(iv) Delayin implementation of the object(s)- Not Applicable |
(iv) Delayin implementation of the object(s)- Not Applicable |
(iv) Delayin implementation of the object(s)- Not Applicable |
|---|---|---|---|---|---|
| Object(s) Name |
Completion Date | Delay (No. of days/ months) |
Comments of Board of Directors | ||
| As per Offer Document |
Actual * | Reason of delay |
Proposed Course of Action |
||
| NA | NA | NA | NA | NA |
- In case of continuing object(s) please specify latest/revised estimate of completion date.
Signature:
ICICI Bank Limited
Tel.: (91-22) 2653 1414
Regd. Office: ICICI Bank
Tower, ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India
Fax: (91-22) 2653 1122 Website www.icicibank.com CIN.: L65190GJ1994PLC021012
Near Chakli Circle, Old Padra Rd, Vadodara 390 007, India
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Name of the Authorized Person/Signing Authority: Saurabh Kumar Designation of Authorized person/Signing Authority: Manager Seal of the Monitoring Agency: Date: November 6, 2020
Tel.: (91-22) 2653 1414
Regd. Office: ICICI Bank
ICICI Bank Limited Tower, ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051, India
Fax: (91-22) 2653 1122 Website www.icicibank.com CIN.: L65190GJ1994PLC021012
Near Chakli Circle,
Old Padra Rd, Vadodara 390 007, India