ITC, Happiest Minds shares in focus after ITC Infotech merger announcement. Key details
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, PLM and cloud.
- Sep 1, 2026,
- Updated Sep 1, 2026 8:18 AM IST
Happiest Minds Technologies Ltd shares are in focus on Tuesday after the IT firm said it has signed definitive agreements with ITC Infotech India Ltd to combine their businesses, creating 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.
ITC Ltd will be the promoter of the merged company with a stake of about 73.4 per cent.
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.
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.”
Sanjiv Puri, Chairman, ITC Limited & ITC Infotech, said said the merger of complementary strengths, deep domain expertise and future-ready capabilities will further enhance the merged entity's ability to deliver cutting-edge solutions across geographies.
"I am particularly encouraged by the shared values, people and customer centricity that define our organisations. We look forward to the invaluable experience, expertise and dedication of the employees of Happiest Minds as we embark on this exciting new chapter,” Puri said.
Joseph Anantharaju, co-chairman & CEO, Happiest Minds, said combining expertise across AI, digital, cloud, data, cybersecurity, product engineering, and enterprise platforms with those of ITC Infotech in enterprise transformation, SAP, engineering services, Product Lifecycle Management (PLM) will enable his company deliver greater value to customers across geos and accelerate growth in high-demand industry groups.
"Beyond the strategic fit, this partnership is anchored in shared values, customer focus, and a commitment to innovation. Together, we are building a stronger platform for long-term growth and global scale.”
Venkatraman Narayanan, Managing Director, Happiest Minds, said “This transaction reflects a shared commitment to strong corporate governance, financial prudence, and long-term value creation. ITC Infotech brings the financial strength, scale, and stability of ITC Limited, one of India's most trusted business houses, and our combined financials lay a solid foundation to invest, grow, and compete globally.
Happiest Minds Technologies Ltd shares are in focus on Tuesday after the IT firm said it has signed definitive agreements with ITC Infotech India Ltd to combine their businesses, creating 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.
ITC Ltd will be the promoter of the merged company with a stake of about 73.4 per cent.
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.
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.”
Sanjiv Puri, Chairman, ITC Limited & ITC Infotech, said said the merger of complementary strengths, deep domain expertise and future-ready capabilities will further enhance the merged entity's ability to deliver cutting-edge solutions across geographies.
"I am particularly encouraged by the shared values, people and customer centricity that define our organisations. We look forward to the invaluable experience, expertise and dedication of the employees of Happiest Minds as we embark on this exciting new chapter,” Puri said.
Joseph Anantharaju, co-chairman & CEO, Happiest Minds, said combining expertise across AI, digital, cloud, data, cybersecurity, product engineering, and enterprise platforms with those of ITC Infotech in enterprise transformation, SAP, engineering services, Product Lifecycle Management (PLM) will enable his company deliver greater value to customers across geos and accelerate growth in high-demand industry groups.
"Beyond the strategic fit, this partnership is anchored in shared values, customer focus, and a commitment to innovation. Together, we are building a stronger platform for long-term growth and global scale.”
Venkatraman Narayanan, Managing Director, Happiest Minds, said “This transaction reflects a shared commitment to strong corporate governance, financial prudence, and long-term value creation. ITC Infotech brings the financial strength, scale, and stability of ITC Limited, one of India's most trusted business houses, and our combined financials lay a solid foundation to invest, grow, and compete globally.