New Delhi: After receiving clearance from shareholders and authorities, the IT companies Larsen & Toubro Infotech (LTI) and Mindtree announced on Monday that their merger had been completed. In terms of current market capitalisation, the merged entity LTIMindtree is now the fifth-largest IT services company in India.

For every 100 shares of Mindtree that are owned by shareholders, 73 shares of LTI will be distributed as part of the merger. The parent firm of the merged entity, L&T, will hold 68.73% of its shares. According to a BSE filing, November 24 has been designated as the record date for determining Mindtree stockholders who are eligible to receive equity shares of LTI.

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.”

When LTI and Mindtree announced their intention to merge in May 2022, the company’s launch date was set for November 14.

LTIMindtree would thereby move up to the fifth-largest position in terms of market capitalization among Indian IT services providers. With approximately 90,000 people dispersed across more than 30 countries and five continents, LTIMindtree, a scaled-up IT services provider, has a client base of more than 750 top global corporations from all major industrial verticals.

S N Subrahmanyan, Chief Executive Officer and Managing Director of L&T, and ViceChairman 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.”

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.”