Happiest Minds buys 2.4 lakh sq ft office space for Rs 101 cr in Bengaluru

IT company Happiest Minds Technologies has purchased a fully built-up ready-to-use commercial property spread over 2.4 lakh square feet in Bengaluru for Rs 101 crore, the company said on Friday.

The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City.

Financially, the purchase is funded substantially through borrowings from banks at very favourable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet," Happiest Minds Technologies managing director and CFO Venkatraman Narayanan said in a statement.

"We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term, Narayanan added.

The facility enhances the company's seating capacity in Bengaluru by about 30 per cent and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneswar.