ITC shares rise 5%; Happiest Minds falls 8% after FMCG major acquires IT firm. What shareholders must know
https://economictimes.indiatimes.com/markets/stocks/news/itc-shares-rise-5-happiest-minds-falls-8-after-fmcg-major-acquires-it-firm-what-shareholders-must-know/articleshow/133668759.cms
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.
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