14 hrs ago
Soota to Sell Rs 1,330-Crore Happiest Minds Stake
Ashok Soota is selling part of the technology company he founded, Happiest Minds Technologies.
ITC Infotech will buy the 22.1% stake for about Rs 1,330 crore.
Soota plans to use the money for medical research and healthcare projects.
His research trust, SKAN, is developing a large new campus.
The campus is expected to cost about Rs 350 crore.
His health platform, Happiest Health, also plans to build hospitals.
The stake purchase is part of a proposed merger between ITC Infotech and Happiest Minds.
The combined company hopes to earn USD 1 billion by FY28.
After the merger, Soota is expected to remain a minority shareholder.
Ashok Soota will sell a 22.1% Happiest Minds Technologies stake to ITC Infotech for about Rs 1,330 crore.
The proceeds will support SKAN medical research and Happiest Health’s expansion into physical hospitals.
SKAN plans a 2-lakh-square-foot campus facility estimated to cost Rs 350 crore.
Happiest Health is expected to require Rs 300-400 crore to establish hospitals.
The transaction supports a proposed merger targeting a USD 1 billion AI-first enterprise by FY28.
- Who
- Ashok Soota, Happiest Minds Technologies, ITC Infotech and ITC Limited are the main parties.
- What
- ITC Infotech will acquire 22.1% of Happiest Minds Technologies from Ashok Soota and Ashok Soota Medical Research LLP for about Rs 1,330 crore.
- Where
- When
- The proposed merger is expected to take around 15 months, with a revenue target set for FY28.
- Why
- Soota is raising funds for SKAN and Happiest Health, while the stake purchase supports a proposed merger between ITC Infotech and Happiest Minds Technologies.
Key facts
- Stake being sold
- 22.1% of Happiest Minds Technologies
- Transaction value
- About Rs 1,330 crore
- Buyer
- ITC Infotech, a wholly owned subsidiary of ITC Limited
- Shares involved
- 3,36,61,700 shares
- Purchase terms
- The shares will be acquired in two tranches at Rs 390 and Rs 400 per share
- SKAN campus investment
- An estimated Rs 350 crore for a 2-lakh-square-foot facility
- Post-merger ownership
- ITC Limited is expected to hold 73.4% of the combined entity, existing Happiest Minds shareholders 26.6%, and Soota 7.55%
Quotes
Venkatraman Narayanan
Managing director of Happiest Minds Technologies
“Soota was looking to scale down or pare down his investments in Happiest Minds to fund his venture, Happiest Health, and also his not-for-profit organisation, SKAN.”
thehansindia.com
thehansindia.com
Sources
Related news
ITC Infotech to Acquire 22.1% Happiest Minds Stake
ITC Infotech, Happiest Minds Plan Merger After Stake Sale
Happiest Minds-ITC Infotech Merger Promises No Layoffs for Staff
Happiest Minds Shares Fall as ITC Infotech Merger Draws Scrutiny
Happiest Minds Stake Sale to ITC Infotech Not AI-Driven
ITC Infotech, Happiest Minds Announce Merger; Shares In Focus
India’s Strong Growth Fails to Lift Stocks Amid Crude Surge
Happiest Minds Stock Falls 10% After ITC Merger Announcement
