Corporate News
Happiest Minds Technologies Limited is merging with ITC Infotech India Limited, a move designed to create synergies, expand market reach, and foster innovation. Under the terms of 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 and deemed fair by ICICI Securities Limited. The merger, which requires regulatory and shareholder approvals, will see Happiest Minds cease to exist as a separate entity, with its assets and liabilities absorbed by ITC Infotech. While ITC Infotech is not considered a related party, the involvement of Happiest Minds’ promoters, Ashok Soota and Ashok Soota Medical Research LLP, in the Merger Framework Agreement designates the transaction as a related party transaction. The merger will be structured as an all-share swap, with no cash consideration offered.