Happiest Minds to merge with ITC Infotech; targets USD 1 bn revenue by FY28

Listed Co AcquisitionDemerger Ratio AnnouncedNclt Scheme FiledStrategic Transactions View source PDF Explain this filing

HAPPSTMNDS · price

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Price reaction · full curve 14 horizons · vs prior close

-13.0%1-day move

₹408.60

prior close

₹404.00

base price

After-mkt

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AI summary

Happiest Minds announced merger with ITC Infotech via share swap at a ratio of 25 ITC Infotech shares for every 81 Happiest Minds shares. ITC Infotech will first acquire 22.1 percent stake from promoters for 1,330 Cr at around 395 per share. ITC Limited will hold 73.4 percent in the merged entity. Combined FY26 revenue is about 7,033 Cr with 19,000 plus employees and 800 plus clients. Targets USD 1 bn by FY28. Subject to NCLT, CCI and other approvals, expected to close in 15 months.

Likely market impact

Share swap at 25:81 ratio. ITC becomes promoter with 73.4%. Shareholders receive ITC Infotech shares. Subject to approvals, 15 month timeline.