ITC Infotech to acquire controlling stake in software services co. Happiest Minds: report

ITC Infotech, a wholly owned subsidiary of ITC, is set to acquire a controlling stake in the listed software services firm Happiest Minds . The transaction involves the acquisition of a 44% stake from the firm's founder and promoter, Ashok Soota, through a combination of cash and stock. The deal is expected to value Happiest Minds at a 5–6% premium over its latest market capitalisation. The acquisition will trigger a mandatory open offer, under which ITC Infotech will seek to acquire an additional 26% stake from public shareholders.Founded in 2011 by Ashok Soota, Happiest Minds debuted on the stock exchanges in September 2020. ITC Infotech plans to integrate the business and pursue a reverse merger into Happiest Minds, which would result in the technology services arm of the ITC group becoming a listed entity.