L-;T Infotech and Mindtree merger completed

15 Nov 2022 , 09:09 AM

L&T Infotech (LTI) and Mindtree, two IT businesses, announced on Monday that their merger became official yesterday as a result of regulatory and shareholder clearances. According to the current market valuation, the combined business LTIMindtree is now India’s fifth-largest provider of IT services.

As part of the merger, 73 shares of LTI will be issued to each shareholder of Mindtree for every 100 shares of Mindtree. L&T, the merging entity’s parent business, will own 68.73% of it. November 24 has been set as the record date to identify Mindtree shareholders who are qualified to receive equity shares of LTI.

In May 2022, the merger was announced. The NCLT benches in Mumbai and Bengaluru, in addition to the shareholders and creditors of the two firms, have both accepted the amalgamation plan.

The ability of LTIMindtree to make strategic investments in platforms, personnel, technologies, and client relationships will also be enhanced by a stronger balance sheet, the company claimed. Vinit Teredesai has been named the organization’s CFO.

Shares of LTI closed the day 2% higher at Rs5,161.20 before the news, while Mindtree closed the day nearly 3% higher at Rs3,766.35 on the BSE.

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