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The Economic Times
The Economic Times
Veer Sharma

ITC shares rise 5%; Happiest Minds falls 8% after FMCG major acquires IT firm. What shareholders must know

ITC Happiest Minds ITC Infotech Ashok Soota Bengaluru ET

Shares of one of India’s largest conglomerates, ITC, rallied as much as 5% to their day’s high of Rs 267 on the BSE on Tuesday after its wholly owned subsidiary ITC Infotech said it will acquire Bengaluru-based listed software services firm Happiest Minds Technologies. On the flip side, Happiest Minds' stock price declined by over 8% to Rs 373 per share.

As per a stock exchange filing, ITC Infotech will first acquire a 22.1% stake in Happiest Minds from founder and promoter Ashok Soota for Rs 1,330 crore, with the purchase split across two tranches. The initial transaction will then be followed by a share swap between the two companies, under which shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares held.

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