Boards of Mindtree and LTI approve scheme of amalgamation

The Boards of Directors of Mindtree and LTI at their respective meetings held today approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see Mindtree and LTI join strengths to create an efficient and scaled up IT services provider exceeding $3.5 Bn. The transaction is subject to shareholder and regulatory approvals.

Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.

For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete. The name of thecombined entity will be LTIMindtree leveraging the advantages of both the brands and creating value for all the stakeholders.

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