LTIMindtree on Monday marked the commencement of trading on the Indian stock market under its new name by ringing the opening bell at BSE.
Shareholders of erstwhile Mindtree, delisted from November 23, 2022, have been issued shares of erstwhile LTI in the ratio of 73 shares of LTI (now called LTIMindtree) for every 100 shares of Mindtree. The parent company, L&T, holds 68.73 per cent of LTIMindtree.
Formed on November 14, 2022, through the merger of erstwhile Larsen and Toubro Infotech (LTI) and Mindtree, leading technology consulting and digital solutions companies under the Larsen & Toubro (L&T) Group, LTIMindtree — 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 — is the fifth largest IT services company in India by market capitalization.
The iconic bell-ringing was done by A. M. Naik, Group Chairman of L&T Group and Chairman of LTIMindtree; S. N. Subrahmanyan, Chief Executive Officer and Managing Director of L&T Group, and Vice-Chairman of LTIMindtree; R. Shankar Raman, Wholetime Director and Chief Financial Officer of L&T Group, and Non-Executive Director of LTIMindtree; and Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, in the presence of S. S. Mundra, Chairman of BSE, and senior leaders from L&T, LTIMindtree, BSE, and LTIMindtree’s partner organisations.
Speaking on the occasion, 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 LTI’s 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.”