ITC Infotech To Acquire 22.106% Stake In Happiest Minds; ITC Shares Rise 3.21%

Mumbai September, 01: ITC Infotech India Limited, a wholly owned subsidiary of ITC Limited, has approved the acquisition of 3,36,61,700 equity shares of Happiest Minds Technologies Limited for approximately ₹1,330 crore.

The proposed purchase represents a 22.106% stake in Happiest Minds on a fully diluted basis. ITC Infotech’s board has also approved a scheme to amalgamate Happiest Minds with and into ITC Infotech.

The shares are being acquired from Happiest Minds’ promoter and promoter group, including Mr Ashok Soota and Ashok Soota Medical Research LLP. The transaction will be settled in cash.

The proposed combination has also been endorsed by the ITC board. Completion remains subject to the transaction documents, regulatory clearances and other conditions, including approvals from the Competition Commission of India and the National Company Law Tribunal.

Stock Market Snapshot

ITC shares were trading at ₹263.70, up ₹8.20 or 3.21%, as of 9:37:12 AM IST on September 1, 2026, according to the market data provided.

The stock moved higher soon after the market opened, reaching around ₹266.50 before giving back some of the gains. It continued to hold above ₹263 at the reported time.

The ITC share price was therefore showing a positive reaction in early trading following the disclosure of the proposed transaction involving Happiest Minds.

Happiest Minds Deal Fits ITC Infotech’s Expansion Plan

The proposed acquisition is part of ITC Infotech’s “Orbit Next” strategy, according to the filing. The company sees the combination as a way to bring together the two businesses’ technology capabilities and create greater scale.

Happiest Minds works across digital transformation, cloud computing, analytics, artificial intelligence and cyber security. These areas are also central to the technology services market in which ITC Infotech operates.

The company said the combination is expected to strengthen its competitive position, expand its strategic capabilities and support growth in revenue.

If the amalgamation becomes effective, ITC Infotech will issue 25 fully paid-up equity shares of ₹10 each for every 81 fully paid-up equity shares of ₹2 each held by Happiest Minds shareholders other than ITC Infotech, based on the agreed share-swap ratio.

The resulting ITC Infotech shares are proposed to be listed on both BSE and NSE, subject to the necessary approvals.

Happiest Minds’ Consolidated Turnover Reached ₹2,315 Crore In FY26

Happiest Minds is an IT and IT-enabled services company with operations across India and several overseas markets.

Its audited consolidated turnover increased to ₹2,315.11 crore in fiscal 2025-26 from ₹2,060.84 crore in fiscal 2024-25. Turnover stood at ₹1,624.66 crore in fiscal 2023-24.

The company was incorporated on March 30, 2011, and has built capabilities across cloud computing, artificial intelligence, analytics, digital transformation and cyber security.

For ITC Infotech, the proposed combination would bring these capabilities into a larger technology services platform. The filing said the transaction is intended to drive a step-up in scale while broadening the company’s presence in strategic technology areas.

Conclusion

ITC Infotech has approved the acquisition of a 22.106% stake in Happiest Minds for approximately ₹1,330 crore, along with a proposal to amalgamate Happiest Minds into ITC Infotech.

The deal is still subject to regulatory and other required approvals. ITC Infotech expects the acquisition process to take around three to eight months from execution of the transaction documents, depending on the fulfilment of closing conditions.

For the market, the announcement came alongside a 3.21% rise in ITC shares, which stood at ₹263.70 as of 9:37:12 AM IST on September 1, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/ITC/ITC-Limited
• https://nsearchives.nseindia.com/corporate/ITC_31082026191614_SE.pdf