IT services firm Happiest Minds Technologies debuted on the stock exchanges with a strong listing of 111 percent at Rs 351 on the BSE, over its issue price of Rs 166.
Ashok Soota, Executive Chairman of the company, in a conversation with CNBC-TV18 spoke about the cash on books and their further acquisition plans.
“In terms of the cash that we had, we did not take a lot of money in the primary parts for the company it is just Rs 110 crore. With that money, we would have about Rs 430 crore, but we will use it judiciously. Again I cannot tell you very specifically what are plans would be because they haven’t been unformulated,” he said.
Talking about the succession plan of the company, Soota said, “A succession plan will also include an element of ownership succession and again it is not something that I can tell you right now. But let me tell you that there is going to be no threat whatsoever of Happiest Minds facing a hostile takeover because that is something that is currently assured, will be assured even as we raise further capital downstream and it could be assured well beyond that also. We have consciously planned towards that.”
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