![Happiest Minds purchases 2.4 lakh sq.ft office space in Bengaluru Happiest Minds purchases 2.4 lakh sq.ft office space in Bengaluru](https://varindia.com/storage/news/uploads/2018/02/62d194a46cdc1.jpg)
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’ company, today 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 ₹101 Crores. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City.
Speaking on the purchase, Mr 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”
The facility enhances the Company’s seating capacity in Bangalore by about 30% and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneshwar.
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