Happiest Minds Technologies said on Monday that ITC Infotech will buy a 22.1% promoter stake for about Rs 1,330 crore, after which the two companies will merge into a larger IT services firm.
Cover photo: Ashok Soota, via The Hindu Business Line
Ashok Soota and Ashok Soota Medical Research LLP will sell 3.37 crore shares in two tranches: 11% at Rs 390 a share (Rs 653 crore), then 11.106% at Rs 400 (Rs 676 crore). Happiest Minds shareholders would then get 25 ITC Infotech shares for every 81 Happiest Minds shares. After the merger, ITC Ltd would hold about 73.4% and become the promoter.
The combined business would have more than 19,000 employees and over 800 customers, with FY26 revenue of about Rs 7,033 crore, and a $1 billion revenue target by FY28. ITC Infotech, now unlisted, is proposed to list on the BSE and NSE. The deal needs shareholder, CCI, exchange and NCLT approvals and is expected to take up to 15 months. The companies will run separately until then.
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