ITC Infotech to Merge with Happiest Minds in ₹1,330 Crore Deal
What Happened
ITC Infotech will acquire a 22.1% stake in Happiest Minds Technologies from founder Ashok Soota and his promoter group for about ₹1,330 crore in two tranches. Following the stake purchase, Happiest Minds will be merged into ITC Infotech, subject to regulatory approvals. Under the proposed swap ratio, Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares held.
Key Takeaways
The merger will create a larger AI-first IT services company with over 19,000 employees and a target of $1 billion in revenue by FY28. The deal strengthens ITC Infotech's digital, AI and engineering capabilities while expanding its presence in sectors such as BFSI, healthcare and technology services.