LTIMindtree marked the start of trading on the Indian stock market, under its new name by ringing the opening bell at BSE.

 

Through the merger of erstwhile Larsen and Toubro Infotech (LTI) and Mindtree, with a client portfolio of more than 750 global enterprises and nearly 90,000 professionals in more than 30 countries, is the fifth largest IT services company in India by market capitalization.

 

Shareholders of erstwhile Mindtree, delisted from November 23, 2022, have been issued shares of erstwhile LTI in the ratio of 73 shares of LTI (now called LTIMindtree) for every 100 shares of Mindtree. The parent company, L&T, holds 68.73% of LTIMindtree. This is the biggest merger in the Indian IT sector since the $2.7 billion Satyam- Tech Mahindra merger in 2013. Tech Mahindra continues to remain the fifth largest IT services company by revenue.

 

“It is a proud moment for us. LTIMindtree furthers L&;T’s strategic vision of growing IT services into one of the core pillars of our overall business over the next few years. LTIMindtree combines LTI’s engineering and Mindtree’s software DNAs, blending their problem-solving and digital-first strengths into a unique value proposition for our clients, further reinforcing L&T’s acclaimed tradition of innovation, excellence, trust, and empathy,” said group chairman AM Naik.

 

“The commencement of trading of LTIMindtree shares signifies an important milestone in our journey of value creation. It also marks the start of a momentous new chapter in the history of the IT services industry. As a rapidly converging world gives rise to newer business models and revenue streams, LTIMindtree brings the diversity of scale and digital capabilities required to get businesses to the future, faster,” said Debashis Chatterjee, CEO, LTIMindtree.