Happiest Minds purchases 2.4 lakh sq ft office space in Bengaluru

Bengaluru, July 15, 2022: Happiest Minds Technologies Limited, on Saturday 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 Rs.101 Crores. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City.

Speaking on the purchase, Venkatraman Narayanan, MD & CFO 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”