Happiest Minds Board Approves Merger with ITC Infotech

Happiest Minds Technologies Ltd's Board of Directors has approved a Scheme of Amalgamation with ITC Infotech India Limited. The merger, subject to regulatory approvals, will see Happiest Minds (Transferor Company) being absorbed by ITC Infotech (Transferee Company). Shareholders of Happiest Minds will receive 25 equity shares of ITC Infotech for every 81 shares held. The board also approved shifting the registered office from Karnataka to West Bengal. Additionally, a secondary transaction involving the sale of 22.106% stake by promoters Ashok Soota and Ashok Soota Medical Research LLP to ITC Infotech for ₹1,329.72 crore was disclosed.