ITC buys Happiest Minds , plans merger and stock market listing to build USD 1 billion firm

ITC Infotech is set to acquire a 22.1 per cent stake in Ashok Soota-promoted Happiest Minds Technologies Ltd for ₹1,329.71 crore, merge the two companies and list the combined entity on the bourses in its quest to become a $1 billion enterprise by 2028.

The transaction will lead to unlisted Calcutta-registered ITC Infotech, the wholly-owned subsidiary of conglomerate ITC Ltd, becoming a listed entity after the scheme of amalgamation, unlocking value for ITC shareholders who had been seeking a stock market debut for the IT arm.