Happiest Minds, ITC Infotech sign merger deal

Happiest Minds, ITC Infotech sign merger deal

SEBI RA – Shubh Consultancy – Sunil Kotak – INH000015826 ITC to acquire 22.1% promoter stake for ₹1,329 crore Happiest Minds Technologies on Monday said it has agreed with ITC Infotech India to sell a 22.1% stake held by its promoters for ₹1,329 crore, as the two companies move to merge their businesses and create a larger technology services company. Under the share purchase agreement, Ashok Soota and Ashok Soota Medical Research LLP will sell 33.66 million equity shares of Happiest Minds, each having a face value of ₹2, representing 22.106% of the paid-up equity share capital of the Company. This will be consummated in two tranches. ITC Infotech will acquire an 11% stake for ₹653 crore at ₹390 a share in the first tranche, followed by an 11.106% stake for ₹676 crore at ₹400 a share in the second tranche. The board of Happiest Minds has also approved an amalgamation under which the company will merge with ITC Infotech. As part of the share-swap arrangement, shareholders of Happiest Minds will receive 25 fully paid-up shares of ITC Infotech for every 81 shares held in Happiest Minds. All this is for information This is not a buy/sell recommendation. Thank you, Technofunda24