As per a inventory change submitting, ITC Infotech will first purchase a 22.1% stake in Happiest Minds from founder and promoter Ashok Soota for Rs 1,330 crore, with the acquisition cut up throughout two tranches. The preliminary transaction will then be adopted by a share swap between the 2 corporations, below which shareholders will obtain 25 ITC Infotech shares for each 81 Happiest Minds shares held.
Following the completion of the merger, ITC Infotech will probably be listed on the inventory exchanges by a backdoor itemizing. ITC Ltd will maintain a 73.4% stake within the merged entity, whereas Soota and his promoter entities will personal 7.6%. Public shareholders will maintain the remaining 19%.
Happiest Minds has been assigned an fairness worth of Rs 6,167 crore for the transaction, whereas ITC Infotech has been valued at Rs 11,920 crore. Collectively, the 2 corporations have a mixed valuation of greater than Rs 18,000 crore.
Ashok Soota, who based Happiest Minds in 2011, mentioned he was delighted that, after the completion of the authorized formalities, the corporate would change into an vital half of a bigger organisation by its amalgamation with ITC Infotech. He mentioned the 2 organisations have been aligned of their values and shared imaginative and prescient for the longer term, whereas their enterprise portfolios had important complementarity that may guarantee synergies.
ITC and ITC Infotech chairman Sanjiv Puri mentioned the mixture of the businesses’ complementary strengths, deep area experience and future-ready capabilities would additional strengthen their means to ship cutting-edge options throughout geographies.
ET had first reported on March 20 that ITC Infotech might doubtlessly purchase a stake in Happiest Minds. On August 29, ET reported particulars of the proposed transaction, together with the merger by a share swap that may successfully end result within the backdoor itemizing of ITC Infotech.Based on Happiest Minds, the mixed firm will deliver collectively its capabilities in AI, digital engineering, cloud, knowledge, analytics and cybersecurity with ITC Infotech’s experience in enterprise transformation, SAP, product lifecycle administration (PLM), cloud, Business 4.0 and industry-specific expertise options.
The corporate mentioned the transaction would make the merged entity India’s Eleventh-largest IT providers firm, with mixture annual income of Rs 7,033 crore in fiscal 2026.
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