LTIMindtree steps aboard the stock-market, marks the start of a new chapter in India’s IT landscape
LTIMindtree, India’s fifth largest IT services company by market capitalisation, was born on 14 November 2022, with the merger of LTI and Mindtree, two leading technology consulting and digital solutions companies of the L&T Group.
LTIMindtree marked the commencement of trading on the Indian stock market by ringing the opening bell at the BSE on 5 December.
The iconic bell was rung by Mr AM Naik (Group Chairman of L&T Group and Chairman of LTIMindtree), Mr SN Subrahmanyan (CEO & MD of L&T and Vice-Chairman of LTIMindtree), Mr R Shankar Raman (Whole-time Director & CFO of L&T and Non-Executive Director of LTIMindtree) and Mr Debashis Chatterjee (CEO & MD – LTIMindtree). Mr SS Mundra (Chairman – BSE) was also present on the occasion.
LTIMindtree is a scaled-up IT services provider with a client portfolio of over 750 global enterprises and a team of nearly 90,000 professionals, with a presence in over 30 countries across five continents.
Speaking on the occasion, Mr 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. It combines LTI’s engineering and Mindtree’s software DNAs, blending their problem-solving and digital-first strengths into a unique value proposition, further reinforcing L&T’s acclaimed tradition of innovation, excellence, trust and empathy.”
Complementing the Group Chairman’s observation, Mr Subrahmanyan underscored that blessed with a rich heritage of growth and innovation, LTIMindtree is all about reimagining the future for the stakeholders, and making it bigger, better, and bolder.
“LTIMindtree endeavours to tap into the significant opportunity ahead to not just live the future but shape it too. We look forward to delivering on our promise to our stakeholders by turning our differentiated strategy into sustainable value,” he added.
In his turn, Mr Chatterjee identified the commencement of LTIMindtree share trading as the start of a new chapter in the history of India’s IT services industry.
“As a rapidly converging world gives rise to newer business models and revenue streams, LTIMindtree brings the diversity of scale and digital capabilities required to get businesses faster to the future,” he said.
As part of the merger, all shareholders of Mindtree have been issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The parent company, L&T, holds 68.73% of LTIMindtree. The Record Date to determine the eligible shareholders of Mindtree for issue of equity shares of LTI pursuant to the scheme is 24 November 2022.
Marking It Green
Celebrating its inception, LTIMindtree planted 100,000 saplings — one for each member of the company.
The company implemented this unique green initiative in December across six states – Assam, Uttarakhand, Rajasthan, Maharashtra, Haryana and West Bengal – in partnership with NGO SankalpTaru Foundation.
To make it memorable, the company is also issuing personalised certificates of plantation to all its staffers, along with photographs and location details of the saplings planted in their names. Through a web-based, blockchain- powered backend system, the employees will be able to monitor the growth of their saplings.
“We believe a green gesture is the most appropriate and responsible way to celebrate the historic inception of LTIMindtree. This articulates our commitment to driving positive change and presents a great opportunity for our talented professionals to actively participate in the green movement,” said Mr Chatterjee.
The green cover resulting from this initiative will lead to improved carbon balance, air quality and biodiversity, while providing crucial impetus to rural lives and livelihoods.
