ITC Infotech to buy 22% stake in Happiest Minds
Mid-tier IT services company Happiest Minds Technologies on Monday announced that its founder and promoter Ashok Soota and Ashok Soota Medical Research LLP will sell a 22.1% stake in the company to ITC Infotech for Rs 1,329.72 crore.
According to an exchange filing, ITC Infotech will acquire a total of 3,36,61,700 equity shares of Happiest Minds in two tranches.
In the first tranche, ITC Infotech will acquire 16.75 million shares, representing an 11% stake, at Rs 390 a share for Rs 653.26 crore. The second tranche involves the acquisition of 16.91 million shares, or 11.10%, at Rs 400 a share for Rs 676.46 crore.
