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    which it company has received approval for merger with mindtree from national company law tribunal?

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    LTI, Mindtree merger gets approval; set to be fifth largest IT services firm

    The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.

    LTI, Mindtree merger gets approval; set to be fifth largest IT services firm

    2 min read . Updated: 14 Nov 2022, 06:01 PM IST

    Jyoti Banthia

    Premium

    On Friday, L&T Infotech shares closed down 3.69%, while that of Mindtree fell 3.79% in weak Mumbai trade.

    The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.

    स्रोत : www.livemint.com

    L&T Infotech and Mindtree receives approval for merger from NCLT

    Creates India's sixth largest IT services and fifth largest in market cap

    L&T Infotech and Mindtree receives approval for merger from NCLT

    L&T Infotech and Mindtree receives approval for merger from NCLT Creates India's sixth largest IT services and fifth largest in market cap

    Topics

    L&T Infotech | MindTree | L&T Mindtree

    BS Reporter  |  Mumbai

    Last Updated at November 14, 2022 22:51 IST

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    The merged entity will become the fifth largest IT services company in India in terms of current market capitalization

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    IT services firms L&T Infotech and Mindtree received approval for merger from NCLT. Both Mumbai and Bengaluru Benches of the National Company Law Tribunal (NCLT) have approved, via two separate orders, the scheme of amalgamation and arrangement between the two companies.

    The two companies had announced their intent to merge in May 2022. The merged entity will be known as LTIMindtree. The merged entity will 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 per cent 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.

    A M Naik, Group Chairman of L&T and Chairman of LTIMindtree while addressing the media said “This is a milestone for the group and with this the groups IT services businesses will represent 26 per cent of our total business by FY26. In terms of market capitalisation it will be much higher.” He also stated that the merged entity along with L&T Technology Services will generate $5.2 billion in revenue for this fiscal. And the merged entity will touch revenue of $5 billion by next year.

    LTIMindtree will be helmed by Debashis Chatterjee as CEO and MD. Some of the other leadership roles that were announced today were Sudhir Chaturvedi, president markets, Nachiket Deshpande as COO, and Vineet Teredesai among others.

    The combined entity will have a client base of over 700 and a headcount of 90,000.

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    Read our full coverage on L&T Infotech

    READ MORE ON L&T INFOTECH MINDTREE

    NATIONAL COMPANY LAW TRIBUNAL

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    Larsen & Toubro Infotech

    Attrition in tech will come down by 4-5% in 12 months, said A. M. Naik, Group Chairman, L&T and Chairman of LTIMindtree

    Larsen & Toubro Infotech-Mindtree merger gets NCLT clearances

    Attrition in tech will come down by 4-5% in 12 months, said A. M. Naik, Group Chairman, L&T and Chairman of LTIMindtree

    November 14, 2022 07:55 pm | Updated November 15, 2022 11:33 am IST - Bengaluru

    The Hindu Bureau COMMents SHARE READ LATER

    A. M. Naik, Group Chairman, L&T and Chairman of LTIMindtree. File | Photo Credit: Paul Noronha

    The merger of Larsen & Toubro Infotech (LTI) and Mindtree received approval from National Company Law Tribunal (NCLT) and subsequently both the companies would be operating as a merged entity from November 14, 2022, said A. M. Naik, Group Chairman, L&T and Chairman of LTIMindtree.

    Mumbai and Bengaluru Benches of NCLT have approved 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, said Naik in a media conference on Monday.

    This approval cleared 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, he said.

    As part of the merger, all shareholders of Mindtree would be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The parent company, L&T, would hold 68.73% of the merged entity. The record date to determine the eligible shareholders of Mindtree for the issue of equity shares of LTI pursuant to the scheme is fixed as November 24, 2022, Mr. Naik further said.

    S. N. Subrahmanyan, Chief Executive Officer and Managing Director of L&T, and Vice-Chairman of LTIMindtree, who played a key role in bringing Mindtree to L&T stable said this integration was much more than just the coming together of two successful companies. but was about turning the collective wisdom of the two companies into a much larger force.

    “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,’‘ said Mr. Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree.

    Attrition will come down in 12 months, forecasts Naik

    Attrition in the tech industry would come down by 4 to 5% in the next 12 months from the current 20-plus levels, Mr. Naik forecast.

    “Attrition is still in the range of 23-24%. With the kind of geopolitical issues that are existing, the first thing that companies will cut is overheads. We expect attrition to come down by 4 to 5% in the next 12 months,’‘ he added.

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    merger, acquisition and takeover / business (general)

    स्रोत : www.thehindu.com

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