LTI Mindtree, the sixth-largest IT company, is set to replace HDFC in the prestigious Nifty-50 index on July 13, following the decision made at the board meeting of the Index Maintenance sub-committee (Equity) of NSE Indices.
The change in the index composition is a result of the proposed merger between HDFC and HDFC Bank. The effective date for these modifications is confirmed to be July 13, as announced by the NSE.
According to market estimates, LTI Mindtree is expected to witness a significant inflow of approximately $150-160 million from passive funds due to its inclusion in the Nifty index. With revenue of around $4.2 billion, LTI Mindtree, a subsidiary of L&T, ranks behind TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra.
Currently, LTI Mindtree is listed in the Nifty Next50 index. However, starting from July 13, Jindal Steel and Power will take place in the Nifty Next 50 index.
HDFC Bank successfully completed the merger process with HDFC on July 1 after obtaining the necessary approvals from shareholders and regulatory authorities. The record date for the share swap between HDFC Bank and HDFC, as part of the merger, has been scheduled for July 13.
Under the merger terms, HDFC Bank will issue 42 new equity shares for every 25 shares of HDFC held by shareholders on July 13.
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