Happiest Minds shares tank 9% on swap ratio, ITC up 5%; ITC Infotech to list after merger
Happiest Minds shares tanked 8.62 per cent to hit a low of Rs 372.05 apiece on BSE. ITC, on the other hand, climbed 4.97 per cent to hit a high of Rs 269 apiece.
- Sep 1, 2026,
- Updated Sep 1, 2026 10:25 AM IST
Happiest Minds Technologies Ltd shares plunged 9 per cent in Tuesday's trade, while ITC Ltd shares climbed 5 per cent following the announcement of the IT firm's merger with ITC Infotech. ITC, which will eventually become the promoter of the merged entity, gained following the development.
Happiest Minds shares tanked 8.62 per cent to hit a low of Rs 372.05 apiece on BSE. ITC, on the other hand, climbed 4.97 per cent to hit a high of Rs 269 apiece.
Happiest Mind's Soota sells stake This comes after ITC Infotech Board approved a proposed acquisition of 22.1 per cent from promoters Ashok Soota and Ashok Soota Medical Research LLP and a scheme of merger with Happiest Minds. ITC Infotech is a wholly-owned subsidiary of ITC.
Swap ratio, ITC to become promoter As per terms, the swap ratio stands at 25 ITC Infotech shares for every 81 shares held in Happiest Minds, translating into implied value of Rs 405 per share or Rs 6,167 crore for Happiest Minds and Rs 1,312 per share or Rs 11,920 crore for ITC Infotech. Following the steep fall on Tuesday, Happiest Minds commanded an m-cap of Rs 5,663.10 crore on BSE.
ITC Ltd will own 73.4 per cent and Happiest Minds shareholders 26.6 per cent post the merger.
"ITC Infotech shall issue and allot 25 fully paid-up equity shares of Rs 10/- (Rupees Ten only) each of ITC Infotech for every 81 fully paid-up equity shares of Rs 2/- (Rupees Two only) each held by the shareholders of HMTL (other than ITC Infotech), as on the Record Date," the company said.
ITC Infotech listing With this shares of ITC Infotech are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. The merged entity will create a technology services company with $1 billion in annual revenue by FY28, over 19,000 employees, more than 800 customers and operations across 30 countries.
The combined entity will bring together Happiest Minds’ capabilities in AI, digital engineering, cloud, data, analytics and cybersecurity with ITC Infotech’s expertise in enterprise transformation, SAP, Product Lifecycle Management (PLM), cloud, Industry 4.0 and industry-specific technology solutions, the company informed stock exchanges.
As part of the transaction, ITC Infotech will acquire an aggregate minority stake of about 22.1 per cent in Happiest Minds from the promoter and promoter entities in two tranches for a total consideration of Rs 1,330 crore, at an average price of about Rs 395 per share. The proposed merger will be effected through a share swap, with Happiest Minds shareholders receiving 25 shares of ITC Infotech for every 81 shares held.
The merger is subject to customary statutory, shareholder and regulatory approvals, including those from the Competition Commission of India, relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed over the next 15 months and will continue to operate independently until all approvals are received. The combined company will be listed on the relevant stock exchanges following completion of the merger.
What Ashok Soota says
Ashok Soota, Chairman & Chief Mentor, Happiest Minds Technologies said “I am delighted that upon the completion of necessary approvals and legal formalities, Happiest Minds will become an important part of a larger organization through its merger with ITC Infotech. The two organizations are aligned on our values and shared vision for the future. There is very significant complementarity in our business portfolios which will ensure synergy. We believe that ITC Infotech is the best partner for Happiest Minds to fulfil its destiny and we are pleased that our team will have a welcoming new home.”
Happiest Minds Technologies Ltd shares plunged 9 per cent in Tuesday's trade, while ITC Ltd shares climbed 5 per cent following the announcement of the IT firm's merger with ITC Infotech. ITC, which will eventually become the promoter of the merged entity, gained following the development.
Happiest Minds shares tanked 8.62 per cent to hit a low of Rs 372.05 apiece on BSE. ITC, on the other hand, climbed 4.97 per cent to hit a high of Rs 269 apiece.
Happiest Mind's Soota sells stake This comes after ITC Infotech Board approved a proposed acquisition of 22.1 per cent from promoters Ashok Soota and Ashok Soota Medical Research LLP and a scheme of merger with Happiest Minds. ITC Infotech is a wholly-owned subsidiary of ITC.
Swap ratio, ITC to become promoter As per terms, the swap ratio stands at 25 ITC Infotech shares for every 81 shares held in Happiest Minds, translating into implied value of Rs 405 per share or Rs 6,167 crore for Happiest Minds and Rs 1,312 per share or Rs 11,920 crore for ITC Infotech. Following the steep fall on Tuesday, Happiest Minds commanded an m-cap of Rs 5,663.10 crore on BSE.
ITC Ltd will own 73.4 per cent and Happiest Minds shareholders 26.6 per cent post the merger.
"ITC Infotech shall issue and allot 25 fully paid-up equity shares of Rs 10/- (Rupees Ten only) each of ITC Infotech for every 81 fully paid-up equity shares of Rs 2/- (Rupees Two only) each held by the shareholders of HMTL (other than ITC Infotech), as on the Record Date," the company said.
ITC Infotech listing With this shares of ITC Infotech are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. The merged entity will create a technology services company with $1 billion in annual revenue by FY28, over 19,000 employees, more than 800 customers and operations across 30 countries.
The combined entity will bring together Happiest Minds’ capabilities in AI, digital engineering, cloud, data, analytics and cybersecurity with ITC Infotech’s expertise in enterprise transformation, SAP, Product Lifecycle Management (PLM), cloud, Industry 4.0 and industry-specific technology solutions, the company informed stock exchanges.
As part of the transaction, ITC Infotech will acquire an aggregate minority stake of about 22.1 per cent in Happiest Minds from the promoter and promoter entities in two tranches for a total consideration of Rs 1,330 crore, at an average price of about Rs 395 per share. The proposed merger will be effected through a share swap, with Happiest Minds shareholders receiving 25 shares of ITC Infotech for every 81 shares held.
The merger is subject to customary statutory, shareholder and regulatory approvals, including those from the Competition Commission of India, relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed over the next 15 months and will continue to operate independently until all approvals are received. The combined company will be listed on the relevant stock exchanges following completion of the merger.
What Ashok Soota says
Ashok Soota, Chairman & Chief Mentor, Happiest Minds Technologies said “I am delighted that upon the completion of necessary approvals and legal formalities, Happiest Minds will become an important part of a larger organization through its merger with ITC Infotech. The two organizations are aligned on our values and shared vision for the future. There is very significant complementarity in our business portfolios which will ensure synergy. We believe that ITC Infotech is the best partner for Happiest Minds to fulfil its destiny and we are pleased that our team will have a welcoming new home.”