Happiest Minds to merge with ITC Infotech; promoters sell 22.1% stake for Rs 1,329 Cr
HAPPSTMNDS · price
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Happiest Minds board approved a scheme of amalgamation with ITC Infotech India Limited via share swap — 25 ITC Infotech shares for every 81 Happiest Minds shares. Promoters Ashok Soota and Ashok Soota Medical Research LLP will sell 22.1% stake (3.36 crore shares) to ITC Infotech for Rs 1,329.72 crore in two tranches at Rs 390 and Rs 400 per share. Post-merger, Happiest Minds will be absorbed into ITC Infotech. Board also approved shifting registered office from Karnataka to West Bengal and a postal ballot for it.
Major corporate action — merger with ITC Infotech could unlock value, but promoter exit (from 44.2% to about 22%) reduces founder influence. Share-swap ratio and NCD redemption matter for holders.