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IDBI Capital Report
The merger of Larsen and Toubro Infotech Ltd. and Mindtree Ltd. will create a $3.5 billion company. The combined entity will have 69% presence Americas, 17% in Europe and 14% in rest of world.
As per the merger, Mindtree shareholders will receive 73 shares of L&T Infotech for 100 shares of Mindtree.
Post the merger promoters will hold 68.73% stake in the company. Upon obtaining all approvals and post nine-12 months, Mindtree will be merged in L&T Infotech.
The entity will be named as LTIMindtree Ltd.
The merger has significant synergies in revenues and cost. We have assumed in near term (i.e FY24) 1% revenue and cost synergies.
In addition, the entity will be able to bid for bigger deals ($ 100 plus million), cross sell and have end to end capabilities.
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