L&T Infotech, Mindtree announce merger
The Hindu
The name of the combined entity will be LTIMindtree Ltd.
The Boards of Directors of Mindtree Ltd. and L&T Infotech Ltd (LTI) at their respective meetings on Friday approved a composite scheme of amalgamation of both the independent listed IT services companies of the Larsen & Toubro Group.
The name of the combined entity will be LTIMindtree Ltd.
Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.
The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Ltd. will hold 68.73% of LTI after the merger.
The proposed integration will see Mindtree and LTI create an IT services provider with combined revenue of $3.5 billion.
For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete.
Sanjay Jalona, CEO and MD, LTI has decided to move on from the company and the combined entity will be led by Mindtree CEO & MD Dabashis Chatterjee.
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