Happiest Minds to merge with ITC Infotech, promoters to sell 22.1% stake for Rs 1,329.72 crore
BENGALURU: Happiest Minds Technologies will merge with ITC Infotech India Ltd, while founder and executive chairman Ashok Soota and Ashok Soota Medical Research LLP will sell a 22.1% stake in the Bengaluru-based IT services company to ITC Infotech for Rs 1,329.72 crore.
The proposed transaction will be carried out in two stages. ITC Infotech will first acquire 3,36,61,700 equity shares, representing 22.106% of Happiest Minds’ fully diluted equity share capital, from the promoter group in two tranches. This will be followed by the amalgamation of Happiest Minds with ITC Infotech.
