ITC Infotech to acquire 22.1% stake in Happiest Minds for Rs 1,330 crore; firms to merge
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.
ITC Ltd's wholly-owned subsidiary, ITC Infotech, has agreed to acquire a 22.1% stake in Bengaluru-based software services firm Happiest Minds Technologies for Rs 1,330 crore in a major consolidation move within India's IT industry. The acquisition, which will result in a backdoor listing of ITC Infotech, will lead to a merger through a share swap, creating an AI-first enterprise with over 19,000 employees.
The combined entity aims to achieve $1 billion in revenue by FY28. ITC Infotech will own a 73.4% stake in the merged company, while Happiest Minds' founder and promoter, Ashok Soota, will retain a 7.6%. The transaction is expected to be completed within 15 months, subject to regulatory approvals.
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