ITC Infotech to acquire stake in Happiest Minds and merge

ITC Infotech has announced plans to acquire a 22.1% stake in Happiest Minds Technologies from founder Ashok Soota and Ashok Soota Medical Research LLP for approximately ₹1,330 crore. The acquisition will be conducted in two tranches and funded through a rights issue by ITC Infotech.

Following the stake purchase, Happiest Minds will merge into ITC Infotech. Under the proposed swap ratio, existing Happiest Minds shareholders will receive 25 shares of ITC Infotech for every 81 shares they currently hold. Upon completion of the merger, ITC Limited is expected to hold roughly 73.4% of the combined entity, with the remaining 26.6% held by former Happiest Minds shareholders.

The merger aims to combine ITC Infotech’s expertise in cloud, analytics, and enterprise transformation with Happiest Minds’ capabilities in digital engineering, data, and cybersecurity. The companies intend to build a technology enterprise with a workforce of nearly 19,000 professionals and a revenue target of $1 billion by fiscal year 2028. The entire process is expected to conclude within 15 months, subject to regulatory approvals, after which ITC Infotech is planned to list on the BSE and National Stock Exchange.