CORPORATE
Happiest Minds, ITC Infotech strike a Rs 1,330-crore merger deal
- IBJ Bureau
- Sep 01, 2026
Happiest Minds Technologies will merge with ITC Infotech India, while founder and Executive Chairman Ashok Soota and Ashok Soota Medical Research will sell a 22.1 per cent stake in the Bengaluru-based IT services company to ITC Infotech for Rs 1,329.72 crore.
The promoter group has signed a share purchase agreement with ITC Infotech for the sale of 3.366 crore shares, representing 22.106 per cent of Happiest Minds’ paid-up equity capital, according to a stock exchange filing.
The transaction is expected to be completed in two tranches.
In the first tranche, ITC Infotech will acquire 1.675 crore shares or 11 per cent of Happiest Minds at Rs 390 a share for Rs 653.26 crore.
The second tranche involves 1.691 crore shares, representing 11.106 per cent, at Rs 400 a share for Rs 676.46 crore.
The acquisition will be followed by a scheme of amalgamation under which Happiest Minds will be merged into ITC Infotech subject to statutory and regulatory approvals.
The boards of the two companies have approved the draft scheme.
Under the proposed merger, shareholders of Happiest Minds will receive 25 fully paid-up ITC Infotech shares for every 81 Happiest Minds shares held by them on the record date.
The shares issued as a part of the scheme will rank pari passu (or on equal footing) with ITC Infotech’s existing shares and will be listed on the BSE and the NSE.
Once the scheme becomes effective, Happiest Minds will be dissolved without being wound up.
The proposed amalgamation will combine the capabilities, customer relationships and talent pools of Happiest Minds and ITC Infotech, according to the filing.
Happiest Minds specialises in digital transformation solutions including cloud computing, analytics, artificial intelligence (AI) and cybersecurity, while ITC Infotech is primarily engaged in the IT and IT-enabled services business.
The companies have said that the combination will create a single global platform, generate synergies between the two businesses and increase scale, cross-selling opportunities and operational efficiencies.
Report By
View Reporter News