- ITC Limited disclosed that its wholly‑owned subsidiary ITC Infotech India Limited will acquire a 22.106 % promoter stake in Happiest Minds Technologies Limited for an estimated ≈ ₹1,330 crores in cash and then amalgamate HMTL into ITC Infotech.
- Post‑amalgamation, non‑ITC Infotech shareholders will receive 25 ITC Infotech shares for every 81 HMTL shares they hold; the new ITC Infotech shares will be listed on both BSE and NSE.
- The combined entity targets a US$ 1 billion revenue enterprise by FY 28‑1, leveraging HMTL’s FY 2025‑26 turnover of ₹2,315.11 crores and creating a workforce of over 19,000 professionals.
- Completion is slated for 3 to 8 months after signing, with a broader expectation of 15 months, subject to approvals from the Competition Commission of India, stock exchanges, the National Company Law Tribunal, and other statutory bodies.
ITC's proposed merger with Happiest Minds is expected to give the stock a modest upside as investors view the deal as a strategic move into higher‑margin digital services, though the impact may be limited by the cash outlay and regulatory steps. Confidence in the estimate is moderate.
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