The Combined Entity (post-merger) will be a larger organization with expanded offerings to market.
The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.
The acquisition is in line with Acrysil strategy to establish itself as a dominant player in the global kitchen and bathroom segment
The transaction is subject to regulatory and other customary approvals.
The Bank will pay a consideration upto Rs12,325 crore to Citibank for the acquisition. Approximately 3600 in-scope consumer employees of Citibank will be absorbed in Axis Bank.
Pursuant to this transaction, MonotaRO Co. Ltd. (Japan) will hold 51.6% stake, IndiaMart will hold a 26% stake and Emtex Engineering Pvt Ltd (representing the promoter group and early investors) will hold a 22.4% stake in Industry Buying.
The acquisition of Com Tec Co IT Ltd will significantly enhance digital engineering capability and establish a scalable nearshore delivery presence in Europe with over 700 highly skilled IT professionals.
The acquisition will accelerate the scale-up of the proprietary channels, strengthen presence in South India and across tier 2 and tier 3 locations.