Happiest Minds to merge into ITC Infotech, promoters sell 22.1% stake
HAPPSTMNDS · price
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On the reaction day the stock moved 10.7 pts less than Nifty Microcap 250 and 11.7 pts less than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Promoters signed SPA with ITC Infotech to sell 22.106% stake (3.36 cr shares) for Rs 1,329.72 cr in two tranches. Board also approved merger scheme where Happiest Minds merges into ITC Infotech. Shareholders get 25 ITC Infotech shares for every 81 Happiest Minds shares. Happiest Minds will dissolve post-merger. Swap ratio based on PwC and GT Valuation. Needs NCLT, CCI and shareholder approvals.
Major corporate action. Company merges into ITC Infotech, shares get exchanged at a fixed ratio. Subject to regulatory and shareholder approvals.