Liquidity Events
ITC Infotech to acquire 22.1% stake in software services co. Happiest Minds for Rs.1,330-Cr
ITC Infotech, a wholly-owned subsidiary of publicly listed ITC Ltd, will acquire a 22.1% stake in Bengaluru-based software services firm Happiest Minds Technologies for INR 1,330-Cr. The transaction will be executed in two tranches, followed by a share swap merger between the two entities. JM Financial served as the exclusive financial advisor to Happiest Minds, while Kotak Investment Banking acted as the advisor to ITC Infotech.Founded in 2011 by Ashok Soota, Happiest Minds specializes in digital engineering, cloud, data, analytics, and cybersecurity. The investment and subsequent merger are intended to consolidate the firms' capabilities, with the combined entity aiming to become an AI-first enterprise and achieve USD 1-B in revenue by fiscal year 2028.Post-merger, ITC Ltd is expected to hold a 73.4% stake in the combined entity, with Ashok Soota and his promoter entities holding 7.6% and public shareholders holding the remaining 19%.
For FY25, Happiest Minds had reported about INR 1,481 Cr in Operating Income and about INR 169 Cr in PAT.
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