Happiest Minds Approves ITC Infotech Merger And Agrees ₹1,330 Crore Stake Sale

Board approved merger of Happiest Minds into ITC Infotech India Limited, subject to statutory, regulatory, shareholder and creditor approvals. Promoters agreed to sell 3,36,61,700 shares, representing 22.106% of the company, to ITC Infotech for ₹1,330 Cr in two tranches at ₹390 and ₹400 per share. The transaction converts the previously reported potential ITC Infotech stake purchase into a binding agreement and combines complementary IT services capabilities, customer relationships and talent pools into a larger technology platform. Upon the first tranche, ITC Infotech may nominate one non-executive director. Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 shares held; ITC Infotech shares are proposed to be listed. Completion depends on multiple approvals, while the company will be dissolved into ITC Infotech and its registered office is proposed to shift to West Bengal.