Happiest Minds Technologies shares fall 6% as reports suggest ITC Infotech may buy promoter stake

Shares of software and consulting firm Happiest Minds Technologies came under pressure and settled over 6% lower on Thursday, August 27, following reports that ITC Infotech may acquire a stake held by the company's promoter.

The stock settled at Rs 420.25 apiece, down 6.16% from its previous close of Rs 447.85 on the NSE. During Thursday's trade, a combined 48.12 lakh equity shares worth Rs 207.66 crore changed hands on the NSE and BSE. The stock has declined 7.93% so far this year and is down 27.82% over the past year.

The company's market capitalisation stood at Rs 6,401.63 crore.


ITC Infotech may acquire 22% stake

According to the reports, ITC Infotech is likely to acquire a 22% stake from Happiest Minds Technologies' 44% promoter holding.

BSE shareholding data showed that Ashok Soota, founding chairman of Happiest Minds Technologies, held 4,92,45,787 shares, or 32.34% of the company's total shares, as of the quarter ended June 30, 2026.

Ashok Soota Medical Research LLP held another 1,79,48,784 shares, representing 11.79% of the total shares in Happiest Minds Technologies.

The reports suggested that ITC Infotech is likely to buy Happiest Minds Technologies shares at a possible price of Rs 390-400 per share.

ET had reported on stake sale talks

Earlier, on March 20, 2026, ET had reported that private equity firms EQT and Partners Group, along with IT services player ITC Infotech, were in the fray to acquire a controlling stake in listed software company Happiest Minds Technologies from its founder and chairman Ashok Soota.

ALSO READ: EQT, Partners Group & ITC Info eye a chunk of Ashok Soota’s Happiest Minds

In February, Soota had said at a post-earnings press conference, when asked about plans to sell his stake, that the company was focused on its artificial intelligence project and that he was "very much at the helm".

Happiest Minds Q1 profit rises 18%

In the first quarter of FY27, Happiest Minds Technologies reported an 18.3% year-on-year growth in consolidated net profit to Rs 67.6 crore, from Rs 57.13 crore in the corresponding quarter of FY26. Revenue from operations grew 14.3% year-on-year to Rs 628.51 crore during the quarter, compared with Rs 549.9 crore in the year-ago period.

On a sequential basis, profit and revenue rose 10.5% and 4%, respectively.