ITC shares rise 5%; Happiest Minds falls 8% after FMCG major acquires IT firm. What shareholders must know
ITC shares rose, while Happiest Minds fell, after ITC Infotech announced plans to acquire and merge with the Bengaluru-based IT services firm.
ITC Infotech will first buy a 22.1% stake from founder Ashok Soota for Rs 1,330 crore, followed by a share swap.
After the merger, ITC will hold 73.4% of the combined entity, while Happiest Minds shareholders will own 19%.
The deal will also give ITC Infotech a backdoor listing.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on economictimes.indiatimes.com — the content belongs to The Economic Times.
