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Bengaluru, NFAPost: Happiest Minds Technologies has received a go-ahead from market regulator, Securities and Exchange Board of India (SEBI) to float initial share-sale.

The offer comprises fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP).

The company, which filed draft papers with Sebi in June, obtained its observations on August 21, latest update with Sebi showed. Ashok Soota, the company’s promoter and CMDB-ll will offer shares through the offer-for-sale route.

Working capital

Happiest Minds proposes to utilise the net proceeds from the fresh issue to meet the long-term working capital requirement and general corporate purposes.

Happiest Minds Technologies started its journey in 2011 and was cofounded by Ashok Soota. Ashok Soota co-founded Mindtree in 1999 after serving Wipro fro more than a decade.

The company will not receive any proceeds from the offer for sale. The selling shareholders will be entitled to their respective portion of the proceeds of the offer for sale.

The manager for the offer is ICICI Securities and Nomura Financial Advisory and Securities (India). The Bengaluru-based company’s shares are proposed to be listed on the BSE and the NSE.

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