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Indian IT Services Firm LTI and Mindtree to Merge.

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Vincent

MANews-(C)2009-2022

The boards of directors of Indian IT services companies LTI and Mindtree, at separate meetings held last week, have approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen and Toubro Group, the companies said.

The proposed integration will see LTI and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding USD 3.5bn. The transaction is subject to shareholder and regulatory approvals.

Both LTI and Mindtree have delivered financial performance and created value for shareholders.

Given that recent industry shifts (e.g., prominence of large deals, preference for end-to-end offerings) are benefitting at-scale players, the two companies have decided that the time is appropriate to combine the strengths of both organizations to better serve the customers.

Significant scale benefits are anticipated through LTI and Mindtree's complementary strengths resulting in a stronger portfolio of offerings across verticals.

Enhanced customer engagement and delivery model through industrialization of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities.

These opportunities will create a more distinctive employee value proposition and stronger partnerships with ecosystem players.

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...

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