Politics · India Bureau
ITC to acquire 22.1% stake in Happiest Minds for ₹1,330 crore
ITC Limited has announced plans to purchase a significant minority stake in IT services firm Happiest Minds Technologies through a structured acquisition from the company's founder and promoter. The investment values the transaction at approximately ₹1,330 crore and will be completed in two tranches.
LSN India ·
ITC Limited disclosed its intention to acquire 3,36,61,700 equity shares representing a 22.1% stake in Happiest Minds Technologies, according to a regulatory filing by the conglomerate. The acquisition will be executed from Ashok Soota, the company's founder and promoter, and Ashok Soota Medical Research LLP, a related entity.
The transaction, valued at around ₹1,330 crore, will be structured across two separate tranches to complete the equity purchase. The filing did not specify the timeline for each tranche or provide additional details regarding the terms of the acquisition.
Happiest Minds Technologies is an IT services and consulting firm that has established operations across multiple markets. The investment marks a significant strategic move by ITC to diversify its portfolio and strengthen its presence in the technology and digital services sector.
The acquisition requires regulatory approvals and is subject to customary closing conditions. ITC stated it will make further disclosures regarding the transaction as required under stock exchange regulations.