Under the agreed swap ratio, holders of Happiest Minds will be allotted 25 shares of ITC for each 81 shares they currently own. After completion, ITC is expected to control approximately 73.4% of the merged company. The combined entity is anticipated to be listed once all required clearances are in hand.
The combination is intended to expand ITC's footprint as tech-services providers race to build AI capabilities and win larger global contracts. ITC will first buy roughly 22% of Happiest Minds from the promoters and their entities, paying 13.3 billion rupees (about $140 million) at an average of around 395 rupees per share, before proceeding with the merger.
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The combined business projects revenue of about 70.33 billion rupees in the financial year 2026, and aims to reach $1 billion in annual sales by 2028. Post-merger, the company would have a workforce exceeding 19,000 and serve more than 800 clients across over 30 countries. The deal requires approvals from shareholders, competition authorities, stock exchanges, and a tribunal, with completion anticipated in 15 months, after which the merged company is expected to be listed.
