Corporate News
Happiest Minds Technologies Limited is merging into ITC Infotech India Limited, a move that will alter the shareholding structure and create synergies for stakeholders. Under the scheme of amalgamation, Happiest Minds shareholders will receive 25 shares of ITC Infotech for every 81 shares they currently hold, a ratio determined by PwC Business Consulting Services LLP and GT Valuation Advisors Private Limited, with a fairness opinion from ICICI Securities Limited. Following the merger, promoters will hold 44.21% of ITC Infotech, while non-promoters will own 55.79%. The transaction, considered a related party transaction due to the involvement of Happiest Minds’ promoter, Mr. Ashok Soota and Ashok Soota Medical Research LLP, is being conducted at arm’s length and outlined in a merger framework agreement, alongside a separate agreement for the sale of shares by Happiest Minds.