Mumbai: Larsen & Toubro Infotech (LTI) and Mindtree, two listed IT companies, announced their merger as one company, "LTIMindtree" effective from Monday, after approval received from National Company Law Tribunal (NCLT), making the merged entity the fifth largest domestic IT consulting company in terms of market capitalisation.
As part of the merger, all shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree, said a statement issued by the company.
The parent company, Larsen & Toubro, will hold 68.73 per cent of the merged entity.
The record date to determine the eligible shareholders of Mind-tree for issue of equity shares of LTI has been fixed as November 24, 2022.
The two firms had announced their intent to merge in May 2022.
"A stronger balance sheet will also augment LTIMindtree's ability to make strategic investments in platforms, talent, technologies, and client relationships," said Debashis Chatter-jee, who takes charge as CEO and MD, w.e.f. November 14 for three years.
Earlier Chatterjee was the CEO & MD of Mindtree.
