India, Sept. 1 -- Diversified conglomerate ITC Ltd on Monday said its wholly-owned subsidiary ITC Infotech will acquire a 22.1 per cent stake in Happiest Minds Technologies for around Rs 1,330 crore, as part of a deal which will lead to the merger of the two entities into a $1-billion tech giant.

The acquisition of 3,36,61,700 equity shares will be made from Happiest Minds' promoter Ashok Soota and Ashok Soota Medical Research LLP in two tranches, ITC said in a regulatory filing.

Following the stake purchase, Happiest Minds will be amalgamated with and into ITC Infotech.

After the merger, ITC Infotech is proposed to be listed on the BSE and the National Stock Exchange (NSE). "The coming together of our complementary strengths, deep dom...