Larsen & Toubro Infotech Limited an Indian MNC in information technology services and consulting, has declared its merger with Mindtree, thereby forming a new organization, LTI Mindtree that is expected to begin trading on 24th November.
The hold distribution will see the Mindtree shareholders getting 73 LTI shares for every 100 shares they own after the merger. This merger, though decided in May 2022 itself, will see the parent company L&T to hold 68.73% in the new collaborated company of LTIMindtree.
The directors of both organizations have confirmed 24th November as their record date for determining the shareholders of Mindtree to whom the equity shares of the new company must be dedicated.
LTIMindtree will contain around 90,000 employees with its operations spanning 30 countries worldwide. Debashis Chatterjee, Mindtree chief has been designated as the CEO and Managing director of the new business entity for a period of three years. L&T Infotech Pvt Ltd, a subsidiary of Larsen & Toubro, was established in 1996 and has a strong workforce of more than 46,000 employees.
