LTIMindtree, today marked the commencement of trading on the Indian stock market under its new name by ringing the opening bell at BSE.
The iconic bell-ringing was done by Mr. A. M. Naik, Group Chairman of L&T Group and Chairman of LTIMindtree; Mr. S. N. Subrahmanyan, Chief Executive Officer and Managing Director of L&T Group, and Vice-Chairman of LTIMindtree; Mr. R. Shankar Raman, Wholetime Director and Chief Financial Officer of L&T Group, and Non-Executive Director of LTIMindtree; and Mr. Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, in the presence of Mr. S. S. Mundra, Chairman of BSE, and senior leaders from L&T, LTIMindtree, BSE, and LTIMindtree’s partner organisations.
LTI and Mindtree merger
It was formed on November 14, 2022, through the merger of erstwhile Larsen & Toubro Infotech (LTI) and Mindtree, leading technology consulting and digital solutions companies under the Larsen & Toubro (L&T) Group. LTIMindtree is a scaled-up IT services provider with a client portfolio of more than 750 global enterprises and nearly 90,000 professionals in more than 30 countries across five continents. It is the fifth largest IT services company in India by market capitalization.
Shares
The stocks were quoted 1 per cent lower at Rs 5,006 at 11:22 am today, against Friday's close at Rs 5,068.
The shareholders of the former Mindtree, which was delisted on November 23, 2022, have been issued shares of the former LTI in the ratio of 73 shares of the now-called LTIMidtree for every 100 shares of Mindtree. L&T, holds about 68.73 per cent of LTIMindtree, whose market capitalisation stands at Rs 1.48 trillion.
Speaking on the occasion, Mr. A M Naik said, “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 LTIs 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.”
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