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The merged firm will begin operating on November 14.
LTI Mindtree, the newly merged entity will begin trading on November 24. The shareholders of Mindtree will get 73 LTI shares for every 100 shares held. L&T will continue to hold 68.73% of the merged entity, LTIMindtree.
LTIMindtree, the combined entity, will benefit from scale, allowing it to pursue larger outsourcing contracts as clients look to consolidate vendors in an increasingly challenging macro environment.
LIC Q2 results are out, 1000% profit growth.
L&T Group Chairman AM Naik said, "The merger has been approved by the National Company Law Tribunal's (NCLT) Mumbai and Bengaluru benches in separate orders."
Debashis Chatterjee, the CEO of Mindtree has been appointed as the Chief Executive Officer and Managing Director of LTIMindtree for a period of three years.
L&T Technology Services (LTTS) is expected to generate $5.6 billion in revenue in the current year and $5 billion next year.
Mindtree is to be delisted from stock exchanges and LTI will be rebranded as LTIMindtree effective from November 24.
"The merger will help L&T in achieving its goal of increasing IT-enabled services to 25 % of the company's total business by 2026", Naik said.
Debashis Chatterjee said, “Amid the proliferation of new business models and revenue streams in a rapidly converging world, LTIMindtree will help businesses proactively take on and shape the future by harnessing the full power of digital technologies. Armed with top talent, comprehensive offerings, and a cumulative experience of more than five decades, LTIMindtree brings the diversity of scale and capabilities required to help businesses reimagine possibilities, deliver impact, and get to the future, faster."
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