Homebusiness Newscompanies News

Larsen & Toubro Infotech and Mindtree to now operate as a merged entity

Larsen & Toubro Infotech and Mindtree to now operate as a merged entity

Larsen & Toubro Infotech and Mindtree to now operate as a merged entity
Read Time
2 Min(s) Read
Profile image

By CNBCTV18.com Nov 14, 2022 6:13:15 PM IST (Published)

All shareholders of Mindtree will receive 73 shares of LTI for 100 shares of Mindtree. The record date for share allotment will be November 24. 

Larsen & Toubro Infotech and Mindtree will start working as one company from today, group chairman of Larsen & Toubro AM Naik said. Calling today a 'historic' day, Naik said all shareholders of Mindtree will receive 73 shares of LTI for 100 shares of Mindtree. The record date for share allotment will be November 24. L&T will hold 68.73 percent stake in Mindtree, Naik said, adding that the merged entity would continue to remain listed.

Recommended Articles

View All

Naik said the merger was approved by both the Bengaluru and Mumbai benches of the National Company Law Tribunal in separate orders.
He said at present, the merged entity and L&T Technology Services is at a revenue of $5.6 billion and next year, the merged entity alone would cross revenue of $5 billion.
Mindtree will be delisted from the stock exchanges and LTI will be rebranded as LTIMindtree from November 24 said Vinit Teredesai, the Chief Financial Officer of the combined entity, Monecontrol.com reported.
However, LTTS and LTI-Mindtree would continue to operate independently even though they both are a part of the L&T Group.
Naik said he hopes the merged entity would have a growth rate of double digits in the next five years.
The merger will enable L&T to achieve its expansion goal of  IT-enabled services to 25 percent of its total business by 2026. "It might be even higher when it comes to market cap," Moneycontrol.com reported Naik as saying.
On the recent moonlighting debate in the IT sector, Naik said his company does not stand for it.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng