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ITC Infotech acquires 22.1% stake in Happiest Minds for Rs 1,330 crore

ITC Infotech plans to acquire a 22.1% stake in Happiest Minds from promoter Ashok Soota for Rs 1,330 crore.

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ITC Infotech announced plans to acquire a 22.1% equity stake in Happiest Minds for a total value of Rs 1,330 crore. [1] ITC Infotech, a wholly owned subsidiary of ITC, will acquire a 22.1% stake in Happiest Minds Technologies for around ₹1,330 crore as part of a strategic agreement to merge the two firms. [2] Joseph Anantharaju, CEO of Happiest Minds Technologies, said at a press conference that the ITC Infotech merger is intended to strengthen capabilities in digital data, cybersecurity, and AI, not to reduce costs, and that no layoffs are anticipated. [3] The acquisition involves 3,36,61,700 equity shares of Happiest Minds. [4] The shares are being purchased from Happiest Minds' promoter Ashok Soota and Ashok Soota Medical Research LLP. [5] After the merger becomes effective, likely within 15 months, ITC Infotech will hold a 73.4% stake in the merged entity, while Happiest Minds' shareholders will own 26.6%. [6] Venkatraman Narayanan, MD of Happiest Minds Technologies, said at the same press conference that the question of layoffs does not arise and that the company should be building more capabilities, even in the age of AI. [7] ITC Infotech disclosed the details of the acquisition in a regulatory filing. [8]
What this stands on
  1. ITC Infotech announced plans to acquire a 22.1% equity stake in Happiest Minds for a total value of Rs 1,330 crore. · indiatimes.comIndia
  2. ITC Infotech, a wholly owned subsidiary of ITC, will acquire a 22.1% stake in Happiest Minds Technologies for around ₹1,330 crore as part of a strategic agreement to merge the two firms. · mint
  3. Joseph Anantharaju, CEO of Happiest Minds Technologies, said at a press conference that the ITC Infotech merger is intended to strengthen capabilities in digital data, cybersecurity, and AI, not to reduce costs, and that no layoffs are anticipated. · mint
  4. The acquisition involves 3,36,61,700 equity shares of Happiest Minds. · indiatimes.comIndia
  5. The shares are being purchased from Happiest Minds' promoter Ashok Soota and Ashok Soota Medical Research LLP. · indiatimes.comIndia
  6. After the merger becomes effective, likely within 15 months, ITC Infotech will hold a 73.4% stake in the merged entity, while Happiest Minds' shareholders will own 26.6%. · mint
  7. Venkatraman Narayanan, MD of Happiest Minds Technologies, said at the same press conference that the question of layoffs does not arise and that the company should be building more capabilities, even in the age of AI. · mint
  8. ITC Infotech disclosed the details of the acquisition in a regulatory filing. · indiatimes.comIndia
The one we could place publishes from India. 1 could not be placed by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.
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