The L&T Group has announced operationalisation of the merger of Mindtree with LTI (Larsen & Toubro Infotech), which will make the combined entity the country’s sixth largest software firm, with a revenue of $5.25 billion. The new entity, LTI Mindtree, will begin trading from November 24.
Mindtree shareholders will get 73 LTI shares for every 100 shares they hold post merger.
The board of directors of LTI & Mindtree have fixed November 24, 2022 as the ‘Record Date’ for the purpose of determining the shareholders of Mindtree Limited to whom equity shares of the Amalgamated Company would be allotted pursuant to the Scheme.
LTI and Mindtree merger was announced in May 2022. The parent company, L&T, will hold 68.73% of the merged entity.
AM Naik, Group Chairman of L&T and Chairman of LTIMindtree, said, “LTIMindtree is integral to L&T’s technology-led growth vision and is poised to play a crucial role in the expansion and diversification of our services portfolio. The highly complementary strengths of LTI and Mindtree make this integration a win-win proposition for all our stakeholders — clients, partners, investors, shareholders, employees, and communities — furthering L&T’s tradition of innovation, excellence, trust, and empathy.”
Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, said, “Amid the proliferation of new business models and revenue streams in a rapidly converging world, LTIMindtree will help businesses proactively take on and shape the future by harnessing the full power of digital technologies. Armed with top talent, comprehensive offerings, and a cumulative experience of more than five decades, LTIMindtree brings the diversity of scale and capabilities required to help businesses reimagine possibilities, deliver impact, and get to the future, faster.”
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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