LTI and Mindtree to Start Operating as a Merged Entity From November 14, 2022
2022年11月14日 - 11:21PM
ビジネスワイヤ(英語)
Merger of LTI and Mindtree receives approval of
NCLT
LTIMindtree all set to debut as one of India’s
largest IT services companies
Larsen & Toubro Infotech (BSE: 540005, NSE: LTI) and
Mindtree (BSE: 532819, NSE: MINDTREE), leading technology
consulting and digital solutions companies under the Larsen &
Toubro (L&T) Group, announced that both Mumbai and Bengaluru
Benches of Hon’ble National Company Law Tribunal (NCLT) have
approved, via two separate orders, the scheme of amalgamation and
arrangement between the two companies and their respective
shareholders and creditors under section 230-232 and other
applicable provisions of the Companies Act, 2013.
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Debashis Chatterjee, Chief Executive
Officer and Managing Director of LTIMindtree (Photo: Business
Wire)
The two companies had announced their intent to merge in May
2022. This approval clears the way for the merger of the two
independently listed companies as LTIMindtree, a scaled-up IT
services provider with a client portfolio of more than 750 leading
global enterprises from all key industry verticals, and nearly
90,000 professionals spread in more than 30 countries across five
continents. LTIMindtree will thus become the fifth largest IT
services company in India in terms of current market
capitalization. The Effective Date for the company to start
operating as one entity is November 14, 2022.
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. The parent company, L&T, will hold 68.73%
of the merged entity. The Record Date to determine the eligible
shareholders of Mindtree for issue of equity shares of LTI pursuant
to the scheme is fixed as November 24, 2022.
Mr. A. M. Naik, Group Chairman of L&T and Chairman of
LTIMindtree, said, “LTIMindtree is integral to L&T’s
technology-led growth vision and is poised to play a crucial role
in the expansion and diversification of our services portfolio. The
highly complementary strengths of LTI and Mindtree make this
integration a win-win proposition for all our stakeholders —
clients, partners, investors, shareholders, employees, and
communities — furthering L&T’s tradition of innovation,
excellence, trust, and empathy.”
Mr. S. N. Subrahmanyan, Chief Executive Officer and
Managing Director of L&T, and Vice-Chairman of LTIMindtree,
said, “We are grateful to the authorities for the swift passage of
the proposed transaction through statutory processes and for its
approval in a record time. This integration is much more than just
the coming together of two highly successful companies. It is about
turning the collective wisdom of the two companies into a much
larger force for creating long-term value for all our
stakeholders.”
Mr. Debashis Chatterjee, Chief Executive Officer and
Managing Director of LTIMindtree, 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.”
Both LTI and Mindtree have delivered market-leading financial
performance and created value for shareholders. By combining their
strengths and unlocking the benefits of scale, LTIMindtree will
operate with a stronger, highly diversified portfolio of end-to-end
services and skills across a wider market footprint. It will bring
a converged point of view based on its expanded cross-industry
expertise to help clients tap into opportunities presented by the
blurring of industry lines. This will significantly enhance
LTIMindtree’s ability to deliver across larger, more significant
transformation engagements, and collaborate with hyperscalers,
enterprise solutions, SaaS platforms, and product companies for
faster innovation and time-to-market. A stronger balance sheet will
also augment LTIMindtree’s ability to make strategic investments in
platforms, talent, technologies, and client relationships. All this
will help LTIMindtree create a more distinctive value proposition
for its clients, teams, and communities at large.
About LTIMindtree
LTIMindtree is a global technology consulting and digital
solutions company that enables enterprises across industries to
reimagine business models, accelerate innovation, and maximize
growth by harnessing digital technologies. As a digital
transformation partner to more than 750 clients, LTIMindtree brings
extensive domain and technology expertise to help drive superior
competitive differentiation, customer experiences, and business
outcomes in a converging world. Powered by nearly 90,000 talented
and entrepreneurial professionals across more than 30 countries,
LTIMindtree — a Larsen & Toubro Group company — combines the
industry-acclaimed strengths of erstwhile Larsen and Toubro
Infotech and Mindtree in solving the most complex business
challenges and delivering transformation at scale. For more
information, please visit www.ltimindtree.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221114005625/en/
Media Contact:
Harsh Kabra +91 8551882111 media@ltimindtree.com
Shambhavi Revandkar +91 9769509545 media@ltimindtree.com
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