Happiest Minds Promoters Sell 22.1% Stake to ITC Infotech for ₹1,330 Cr

Happiest Minds Technologies Ltd announced that its selling promoters, Mr. Ashok Soota and Ashok Soota Medical Research LLP, have executed a Share Purchase Agreement (SPA) with ITC Infotech India Limited for the sale of 3,36,61,700 equity shares, representing 22.106% of the company's paid-up equity share capital. The transaction, valued at ₹1,329.72 crore, will be consummated in two tranches. Additionally, the Board of Directors has approved a Scheme of Amalgamation where Happiest Minds Technologies will merge with ITC Infotech India Limited. Upon amalgamation, ITC Infotech will issue 25 equity shares of ₹10 each for every 81 equity shares of ₹2 each held in Happiest Minds. The scheme is subject to regulatory and statutory approvals.