L&T merges IT services companies into LTI-Mindtree

The L&T group on Monday announced the merger of L&T Infotech (LTI) and Mindtree into 'LTI-Mindtree' with immediate effect.

With this, the combined entity will become the sixth-largest IT services firm by revenue and the fifth-largest in terms of market value.

L&T Group Chairman AM Naik announced the merger and said that the Mindtree shareholders will get 73 LTI shares for every 100 shares they hold post merger, and the record date for the same is November 24.

Earlier in May, the company had announced the merger and final step comes following the legal and regulatory approvals, Naik said.