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Happiest Minds Technologies, ITC Unit Agree to Merge

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Happiest Minds Technologies (NSE:HAPPSTMNDS, BOM:543227) agreed to combine its business with ITC (NSE:ITC, BOM:500875) unit ITC Infotech India, subject to the relevant approvals.

The combined AI First global technology services enterprise will target an annual revenue of $1 billion by fiscal year 2028, according to a Tuesday Indian bourse filing.

ITC Infotech India will acquire a 22.1% stake in Happiest Minds from the company's promoters.

The merger will then take place through a share swap, where shareholders of Happiest Minds will receive 25 ITC Infotech shares for every 81 Happiest Minds shares they own.

The merged company, in which ITC will own about 73.4% stake, will have over 19,000 employees, serve more than 800 customers, and have operations across more than 301 countries.

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