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LTI-Mindtree merger: A complementary match

Post-merger, LTIMindtree will be the sixth-largest Indian IT company

May 10, 2022 / 02:46 PM IST
LTI-Mindtree merger: A complementary match

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

L&T has announced the much-anticipated merger of  L&T Infotech (LTI; CMP: Rs 4,593, M Cap: Rs 80,518 crore) and Mindtree (CMP: Rs 3,374; M Cap: Rs 55,613 crore). This merger will create the sixth-largest IT company by revenue in India. L&T will hold 68.7 percent in LTI Mindtree. Under the deal, Mindtree shareholders will get 73 shares of LTI for 100 shares of Mindtree, an effective swap ratio of 0.73.  We estimate that the share-swap transaction is broadly the valuation that is reflected in...

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