Cyril Amarchand Mangaldas (CAM) and Khaitan & Co advised on ITC Infotech’s acquisition of a 22.106% stake in Happiest Minds and proposed amalgamation.

ITC Infotech India Limited, a wholly owned subsidiary of ITC Limited, acquired 3,36,61,700 equity shares of Happiest Minds Technologies Limited, representing 22.106% of its equity share capital, from its promoter/promoter group in two tranches, alongside the proposed amalgamation of Happiest Minds Technologies with and into ITC Infotech India Limited.

Upon the proposed amalgamation being effected, the shares of ITC Infotech are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.

The transaction is subject to regulatory approvals, with shareholder and creditor approvals to be sought for the amalgamation.

Cyril Amarchand Mangaldas advised ITC Infotech on the acquisition and proposed amalgamation.

The transaction was led by Partner – (Co-head – General Corporate) Ramgovind Kuruppath and Partner Megha Krishnamurthi, with support from Principal Associate Nikita Singhi and Associates Varnika Pasricha, Tanya Mahajan, and Arya Alexander.

Competition aspects were advised on by Partner Dhruv Rajain, with support from Principal Associate Rajat Sharma and Associates Kartik Mishra and Shruti Avinash.

Due diligence aspects were handled by Partner Megha Krishnamurthi, with support from Principal Associate Nikita Singhi and Associates Rahil Mehta, Varnika Pasricha, Lokesh Soni, Arya Alexander and Janya Navnitlal.

TMT aspects were advised on by Partner – (Co-Head – Digital | TMT) Arun Prabhu and Partner Arpita Sengupta, with support from Consultant Vasundhara Majithia and Associate Shikhar Sharma.

Employment aspects were advised on by Partners Bishen Jeswant and Krithika Radhakrishnan, with support from Principal Associate Akash Mishra, Senior Associates Shivika Gupta and Abhilash Tyagi, and Associates Jeevana Vuppu, Vineet Mishra and Harshit Chauhan.

Khaitan & Co advised and assisted Mr Ashok Soota and Happiest Minds Technologies Ltd on the sale of Mr Soota’s shareholding in Happiest Minds, representing approximately 22%, to ITC Infotech India Ltd, a subsidiary of ITC Limited, and the merger between Happiest Minds Technologies Ltd and ITC Infotech India Ltd.

The core team consisted of Partner Abhishek Dadoo, Principal Associate Jayantika Khanna and Associate Shruti Kunisetty.

The Competition / Antitrust team comprised Partner Anisha Chand, Senior Associate Rishabh Vohra and Associate Vidhi Maharishi. The Corporate & Commercial included Partner Aman Yagnik, Principal Associate Jamsheed Dadachanji and Associates Kashvi Shetty and Aditi Swapnil Rathi. The Due Diligence team comprised Partners Thomas George and Hardik Bhatia, Principal Associate Nishant Chris Mathews, Senior Associate Tharun Vadlapatla, and Associates Harshit Sawale, Vidya Shenoy and Yashvi Chandak.