Happiest Minds Technologies Limited — Capital/Financing Update 2025

Feb 4, 2025

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Happiest Minds Technologies Limited Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bengaluru-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: investors@happiestminds.com

February 04, 2025

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: Statement of Deviation / Variation in utilization of funds raised through QIP

Pursuant to Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith statement of deviation(s) or variation(s) in utilization of funds raised through Qualified Institutional placement (QIP) for the quarter ended December 31, 2024, duly reviewed by the Audit Committee at its meeting held on February 04, 2025, in the format prescribed by SEBI vide Circular No. SEBI/HO/CFD/CFDPoD-2/CIR/P/2024/185 dated December 31, 2024. Further, we confirm that there has been no deviation in the utilization of proceeds of QIP as mentioned in the objects stated in the Placement Document dated July 14, 2023.

Monitoring agency report issued in this regard is being separately filed with the exchange.

This is for your information and records.

Thanking you, Yours faithfully,

For Happiest Minds Technologies Limited

DARSHANKAR Digitally signed by DARSHANKAR PRAVEEN KUMAR PRAVEEN KUMAR Date: 2025.02.04 23:14:28 +05'30'

Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706

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Happiest Minds Technologies Limited Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bengaluru-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: investors@happiestminds.com

Statement of Deviation / Variation in utilization of funds raised in QIP

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Name of the listed Entity Happiest Minds Technologies Limited
Mode of Fund raising Public Issues / Rights Issues /
Preferential Issues / QIP / Others
Date of Raising funds July 14, 2023
Amount Raised INR 500 crores (through Fresh Issue)
Report filed for the Quarter ended December 31, 2024
Monitoring Agency Applicable / Not Applicable
Monitoring Agency Name, if applicable CARE Ratings Limited
Is there a Deviation / Variation in use of funds raised Yes / No
If yes, whether the same is pursuant to change in terms Not Applicable
of a contract or objects, which was approved by the
shareholders
If yes, Date of shareholders’ Approval Not Applicable
Explanation for the Deviation / Variation Not Applicable
Comments of the Audit Committee after review Nil
Comments of the Auditors, if any No
Objects for which funds have been raised and where Investment in our Subsidiaries, Funding working
there has been a deviation, in the following table capital requirements, Funding inorganic growth
and for general corporate purposes.
No deviation from the objects.
Amount of
Deviation
/ Variation
Modified Modified
Original Original Funds for the
Object, if Allocation, if Remarks, if any
Object Allocation Utilised quarter
any any
according to
applicable
object
Not applicable as no deviation from the objects
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Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised; or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed; or

(c) Change in terms of a contract referred to in the fund-raising documents i.e, prospectus, letter of offer, etc

This is for your information and records.

Thanking you, Yours faithfully,

For Happiest Minds Technologies Limited

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VENKATRAMA Digitally signed by VENKATRAMAN NARAYANAN N NARAYANAN Date: 2025.02.04 23:14:08 +05'30'

Venkatraman N Managing Director & CFO DIN: 01856347