SynopsisITC Infotech is set to acquire a controlling stake in Happiest Minds Technologies from founder Ashok Soota for Rs 2,800-2,900 crore, people familiar with the matter told ET. The deal will trigger an open offer for another 26% stake and could be followed by a reverse merger, amid consolidation in the mid-market IT services sector.ITC Infotech is set to acquire a controlling stake in listed software services firm Happiest Minds Technologies from its 83-year-old founder and promoter Ashok Soota, three people familiar with the matter told ET.ITC Infotech, a wholly owned subsidiary of tobacco-to-FMCG conglomerate ITC, is roughly twice the size of Happiest Minds by way of revenue and profit. It will acquire Soota’s 44% stake, held directly and through promoter entities, forNow Playing
ITC Infotech set to acquire Happiest Minds, eyes backdoor listing - The Economic Times
ITC Infotech is set to acquire a controlling stake in Happiest Minds Technologies from founder Ashok Soota for Rs 2,800-2,900 crore, people familiar with the matter told ET. The deal will trigger an open offer for another 26% stake and could be followed by a reverse merger, amid consolidation in the mid-market IT services sector.
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