Happiest Minds Technologies Ltd shares are under pressure during Tuesday's trading session after ITC Infotech, the IT services arm of ITC, announced that it will acquire a 22.1% stake in Happiest Minds Technologies for Rs 1,330 crore.
Shares of Happiest Minds fell as much as 8.39% intraday to a low of Rs 372.80.
The acquisition will be funded through a Rs 1,330 crore rights issue. As part of the transaction, Happiest Minds will merge with ITC Infotech, following which ITC Infotech will be listed on the stock exchanges.
Under the proposed share-swap arrangement, Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 shares held in Happiest Minds.
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