ITC Infotech to buy 22.1% of Happiest Minds for ₹1,330 crore ahead of merger
ITC Infotech will acquire Ashok Soota group’s 22.106% stake in Happiest Minds in two tranches, then merge the IT-services firm into its business. The proposed listed combined entity would have annual revenue of about ₹7,150 crore and is targeted to close within 15 months, subject to approvals.
What happened
ITC Limited · ITC Infotech will buy a 22.106% Happiest Minds stake from promoter Ashok Soota’s group for about ₹1,330 crore, then merge the IT-services company
Key facts
- ITC Infotech will acquire 22.106% of Happiest Minds for about ₹1,330 crore
- First tranche: 11% at ₹390 per share for ₹653.25 crore
- Second tranche: 11.106% at ₹400 per share for ₹676.47 crore
- Post-merger ITC Limited is expected to hold about 73.4% of the combined entity
- Share-swap ratio: 25 ITC Infotech shares for every 81 Happiest Minds shares
- Combined annual revenue: roughly ₹7,150 crore
Why this matters
The two-tranche acquisition of a 22.106% promoter stake followed by a merger offers ITC a structured path to control and scale, making regulatory approvals, swap economics and integration governance central diligence items.