Happiest Minds announces merger with ITC Infotech
Happiest Minds Technologies Limited has announced the signing of definitive agreements to combine its business with ITC Infotech India Limited through a proposed merger.
Under the transaction, ITC Infotech will acquire an aggregate minority stake of approximately 22.1% in Happiest Minds from its promoter and promoter entities in two tranches for a total consideration of ₹1,330 crore, at an average price of approximately ₹395 per share.
The proposed merger will be implemented through a share swap, under which shareholders of Happiest Minds will receive 25 shares of ITC Infotech for every 81 shares of Happiest Minds held. ITC Limited will become the promoter of the merged entity with an approximately 73.4% stake.
The transaction is subject to statutory, shareholder and regulatory approvals, including those from the Competition Commission of India, relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed over the next...
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