Announced Mon, 31 Aug · 20:27 IST
Happiest Minds merger with ITC Infotech approved; promoters to sell 22.1% stake
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
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-2.4-3.3-3.8-6.8-13.0-13.5-13.4-15.9-15.6-18.7————
Up moveDown movePending
AI summary
Board approved scheme of amalgamation with ITC Infotech India. Swap ratio: 25 ITC Infotech shares (FV INR 10) for every 81 Happiest Minds shares (FV INR 2). Subject to NCLT, CCI and shareholder approvals. Separately, promoters Ashok Soota and Ashok Soota Medical Research LLP to sell 22.106% stake (3.36 crore shares) to ITC Infotech for INR 1,329.72 crores in two tranches.
Likely market impact
Happiest Minds will merge into ITC Infotech. Promoter sale at about INR 390-400 per share sets value benchmark. Subject to approvals.