NCLT Mumbai approves LTI, Mindtree merger; NCLT Bengaluru approval awaitedLTIM - 5577 Change: 40.35 (0.73 %)
LTI has informed the stock exchange that it has received NCLT approval for the merger of Mindtree into LTI with the appointed date as April 1, 2022.
This is as per both the company’s indications that the merger is in the last leg of regulatory approval, NCLT Mumbai approval has received while NCLT Bangalore approval is awaited. We believe the merged LTIMindtree entity will have good synergy as the company has minimum overlapping business across verticals. The combined entities will have access to 750+ clients across geographies with potential for upsell & cross sell. We believe that combined employee strength of the companies will provide wider access of talent pool for projects. The company already indicated that both entities are pursuing 80+ deals together, which implies that integration is moving as planned and likely to be completed in Q4FY23 as indicated.