HAPPIEST MINDS : ITC INFOTECH INDIA LIMITED ACQUIRES 22.11% STAKE VIA SECONDARY TRANSACTION AND AMALGAMATION

• Mr. Ashok Soota and Ashok Soota Medical Research LLP will sell 3,36,61,700 equity shares (22.106% stake) in Happiest Minds Technologies Limited to ITC Infotech India Limited for ₹13,297.18 Cr. • The transaction will be consummated in two tranches, with total consideration being ₹6,532.59 Cr and ₹6,764.59 Cr respectively. • Board approved a scheme of amalgamation with ITC Infotech India Limited, with shareholders of Happiest Minds to receive 25 equity shares of INR 10 for every 81 equity shares of INR 2. • The company also approved shifting its registered office from Karnataka to West Bengal and execution of a merger framework agreement. • Management and control of the company will not be impacted by the secondary sale.

Happiest Minds Technologies Limited

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