An independent enterprise valuation report jointly prepared by PwC and Grant Thornton valued the combined Happiest Minds-ITC Infotech entity at ₹18,000 crore upon listing, with ITC Infotech at ₹12,000 crore and Happiest Minds at ₹6,167 crore. ^[1] Happiest Minds Technologies signed a definitive agreement on 2026-08-31 to combine with ITC Infotech India Limited to create an AI-first global technology services enterprise with annual revenue of ₹8,000 crore by FY 2028. ^[2] ITC Infotech, a wholly owned subsidiary of ITC Limited, declared on Monday that its Board of Directors approved the acquisition of 22.106% of the equity share capital of Happiest Minds Technologies Limited from promoter Mr. Ashok Soota. ^[3] ITC Infotech will acquire a 22.1% minority stake in Happiest Minds from the promoter and promoter entities in two tranches for a total consideration of ₹1,330 crore at an average price of ₹395 per share. ^[4] The executives said post-merger ITC Limited would hold 74% and Happiest Minds shareholders collectively 26% of the new entity, a structure chosen to comply with SEBI's Minimum Public Shareholding rule requiring at least 25% public float. ^[5] ITC Limited shares have lost over 35% of their value in the past year and shed over 25% year-to-date. ^[6] The proposed transaction involves the amalgamation of Happiest Minds Technologies Limited into ITC Infotech, where ITC Infotech will issue new shares for every 81 shares held by HMTL shareholders. ^[7] ITC Infotech shares are proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. ^[8]