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Dolat Capital Report
Three years after Larsen and Toubro Ltd. acquired Mindtree Ltd., the overhang of an impending merger of its two IT subsidiaries, Larsen and Toubro Infotech Ltd. and Mindtree, is now finally reached its conclusion, with L&T Infotech proposing to merge with Mindtree in a share swap deal, wherein shareholders of Mindtree will be issued 73 shares of L&T Infotech for every 100 shares held in Mindtree, taking parent L&T ownership to 68.7% in combined entity post-merger.
Combined entity expected to result in revenue scale of $3.5 billion, and total market cap of $18.7 billion (ahead of Tech Mahindra Ltd.).
L&T Infotech's Chief Executive Officer, Sanjay Jalona resigned on the same evening, which indicates that Debashis Chatterjee would potentially run the merged entity as CEO.
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