Happiest Minds to merge with ITC Infotech in ₹1,330 Cr deal, forming 11th largest IT player
Happiest Minds Technologies Limited is merging with ITC Infotech India Limited in a ₹1,330 crore deal. The combined entity will be India's 11th largest IT player with ₹7,033 crore FY26 revenue, aiming for $1 billion by FY28. Shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares.
This is a significant corporate action involving a merger and substantial value, which will have a high impact on the company's structure, market position, and shareholder value.
The merger is expected to create a larger, more competitive IT services company with enhanced capabilities and a stronger market position, which is positive for stakeholders.
Happiest Minds Technologies Limited has announced a significant merger with ITC Infotech India Limited, a transaction valued at ₹1,330 crore. This strategic move will create a scaled and diversified IT services platform, positioning the combined entity as India's 11th largest listed IT services player by revenue, with a projected FY26 revenue of ₹7,033 crore. The merger involves ITC Infotech acquiring approximately 22.1% of Happiest Minds' minority stake from promoters across two tranches. The combined business is expected to achieve US$1 billion in annual revenue by FY28, driven by AI-led transformation opportunities.
The transaction, approved by the Board of Directors, includes a share swap where Happiest Minds shareholders will receive 25 shares of ITC Infotech for every 81 shares of Happiest Minds held. Post-merger, ITC Infotech shareholders are expected to hold approximately 73.4% of the combined business, with Happiest Minds shareholders holding around 26.6%. The valuation for Happiest Minds has been set at ₹405 per share. Key regulatory approvals from the Competition Commission of India (CCI), stock exchanges, SEBI, and NCLT are pending, with an indicative timeline of up to 15 months for the overall process.
The strategic rationale behind the merger includes greater scale, enhanced global competitiveness, complementary capabilities, and improved revenue synergies. The combined entity will boast over 19,000 employees and a presence in multiple global regions, with a more balanced geographic mix and expanded sector exposure. ITC Infotech brings deep capabilities in Retail/CPG, Hospitality, and Manufacturing, complementing Happiest Minds' strengths in Digital, Data & AI, BFSI, and Healthcare. The combination aims to leverage AI-led capabilities and scale to drive stronger growth and operational efficiencies.
A plain-language summary of a public exchange filing by Happiest Minds Technologies Limited. Read the original for the full detail.