Happiest Minds to Merge with ITC Infotech; Secondary Sale of 22.1% Approved

Happiest Minds Technologies Limited'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 absorbed into ITC Infotech. Shareholders of Happiest Minds will receive 25 equity shares of ITC Infotech (INR 10 face value) for every 81 shares they hold (INR 2 face value). Additionally, the board approved a secondary sale of 22.106% of Happiest Minds' equity shares by promoters Ashok Soota and Ashok Soota Medical Research LLP to ITC Infotech India Limited for ₹1,329.72 crore. This sale will occur in two tranches at ₹390 and ₹400 per share respectively. Outstanding NCDs of Happiest Minds will be redeemed by September 26, 2026.