ITC Infotech to acquire 22.1% stake in Happiest Minds for Rs 1,330 crore
Diversified conglomerate ITC Ltd on Monday said its wholly-owned subsidiary ITC Infotech will acquire a 22.1 per cent stake in Happiest Minds Technologies for around Rs 1,330 crore, as part of a deal which will lead to the merger of the two entities into a $1-billion tech giant.
The acquisition of 3,36,61,700 equity shares will be made from Happiest Minds’ promoter Ashok Soota and Ashok Soota Medical Research LLP in two tranches, ITC said in a regulatory filing.
Following the stake purchase, Happiest Minds will be amalgamated with and into ITC Infotech.
After the merger, ITC Infotech is proposed to be listed on the BSE and the National Stock Exchange (NSE). “The coming together of our complementary strengths, deep domain expertise and future-ready capabilities will further enhance our ability to deliver cutting-edge solutions across geographies. I am particularly encouraged by the shared values, people and customer-centricity that define our organisations,” Sanjiv Puri, Chairman of ITC Limited and ITC Infotech, said.
Post-amalgamation, ITC Limited will hold a 73.4 per cent stake in the merged entity, while Happiest Minds’ shareholders will hold the remaining 26.6 per cent.
The combined entity, which will have a workforce of over 19,000 professionals, aims to become an AI-first enterprise targeting $1 billion in revenue by FY28.
