According to these sources, select Private Equity (PE) players are also in the race to acquire the stake from Soota.
The deal is likely to be at a premium to the stock’s current market price (CMP), sources said, adding that the winning bidder will make an open offer to acquire another 26% stake.
The same sources have gone on to add that ITC Infotech is seen as a leading contender to buy this controlling stake from Ashok Soota in Happiest Minds.
Multiple reports earlier had pointed to a potential stake sale in Happiest Minds. In response to analysts during the third quarter earnings call, Ashok Soota had said that he has launched a major program at the company under his leadership along with Joseph Anantharaju, who is the Co-Chairman and CEO at the company, and he will be around to see it through.
While Happiest Minds did not respond to the CNBC-TV18 query, ITC Infotech said that they do not comment on market speculation.
Shares of Happiest Minds ended 5.5% higher on Monday at ₹407.4. At the time of its peak in 2021, the stock traded well above ₹1,500, from which it has corrected over 70%. Despite this, the stock still trades around 150% higher than its IPO price of ₹166 per share.
