Larsen & Toubro Infotech Limited (NSEI:LTI) agreed to acquire Mindtree Limited (NSEI:MINDTREE) for INR 570 billion on May 6, 2022. 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. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.

For now, the companies will continue to function independently. A steering committee will be constituted to oversee the transition till the merger process is complete. The Boards of Directors of Mindtree and LTI at their respective meetings held today approved a composite scheme of amalgamation.

Transaction completion is subject to shareholders, creditors and regulatory approvals including from stock exchanges and NCLT. Closing is expected to be achieved within 9 to 12 months. Citigroup Global Markets India Private Limited acted as financial advisors, Cyril Amarchand Mangaldas acted as the legal advisors, Kroll Advisory Pvt.

Ltd. provided fairness opinion to LTI and GT Valuation Advisors Private Limited were appointed as valuers by LTI. KPMG India Services LLP acted as financial advisor, JSA (Advocates and Solicitors) acted as legal advisors and Ernst & Young Merchant Banking Services LLP were appointed as valuers by Mindtree. Zia Mody, Ashwath Rau and Kashish Bhatia of AZB & Partners acted as a legal advisor to Larsen & Toubro Infotech Limited.

Ernst & Young acted as financial advisor for Mindtree Limited. Stephen M. Kotran of Sullivan & Cromwell acted as legal advisors to Goldman Sachs (India) Securities Private Limited. Goldman Sachs (India) Securities Private Limited provided fairness opinion to Mindtree Limited.