L&T Infotech and Mindtree on Friday announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding $3.5 billion in combined revenue, according to a statement. The name of the combined entity will be 'LTIMindtree', the statement said. In an all-share deal, L&T Infotech will offer 73 shares for every 100 shares of Mindtree.
The Reserve Bank on Friday said FII investment in MindTree has reached the trigger limit under portfolio investment scheme and purchase of further equity shares of company will require its approval.
In a deal that had marked India's first-ever hostile takeover bid in the IT space, L&T had bought 20.32 per cent shares in Mindtree from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March. Nalanda India Fund and Nalanda India Equity Fund have also sold majority of their holdings in Mindtree in L&T's open offer.
In an email interview with Business Standard, Mindtree's co-founder and chairman says the company was designed to outlive the founding team and no such departure is a loss.
City-based mid-sized IT services company MindTree Consulting has acquired Linc Software Services Private Limited in an undisclosed stock and cash deal.\n\n
This year, MindTree improved from 68th in 2007 and has been ranked 54th, while also being named one of the 20 best companies by services offered in the category of product research, development and manufacture. The list is published in May 5 issue of Fortune magazine. Winners were chosen through an evaluation process that considers four key criteria -- size and growth in revenue, employees, development centres and countries served customer experience.
An aggressive rate hike by the US Fed and the possibility of a recession can trigger a slide in these stocks, which will be a good opportunity to buy from a long-term perspective.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Fuelled by the $57.8-billion merger of HDFC twins (HDFC Ltd and HDFC Bank), M&A (merger and acquisition) transactions in India touched a record high of $124.2 billion in the first half of 2022-23. Bankers said with several transactions, including the government's stake sale in IDBI Bank and Hindustan Zinc in the pipeline, the ongoing financial year will end up as the best year for M&A activity in the country. Apart from the HDFC transaction, the $6.5-billion acquisition of Holcim stake by the Adani family and L&T's $3.2-billion acquisition of Mindtree added to the record transactions in the first half of FY23.
To sell off L&T IDPL, Nabha Power; transfer Hyderabad Metro to an InvIT.
Happiest Minds, expected to be formally launched for customer delivery in five months, would have six lines of businesses, namely IT services, R&D services, product engineering services, remote infrastructure management, testing and consulting.
A family man with two sons, who made it a point to attend all weddings and occasions in the community, Siddhartha is known by everyone as the quintessential 'nice guy' CEO -- never yelling, raising his voice or screaming at his employees, says Pavan Lall.
It has been also revealed that V G Siddhartha had written a letter to the Board of Directors and employees of Coffee Day Enterprises, saying he had 'failed as an entrepreneur'.
'Stick to the known quality names, avoid short term thinking and don't be in a hurry to book profits on your winners.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Given their growth prospects and reasonable valuations, Mindtree, Hexaware and NIIT remain top picks of most analysts.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Progress of monsoon, investment trend by foreign investors and the movement of rupee against the dollar will also influence sentiment
Gaurav Garg, Head of Research, CapitalVia answers readers' stock market queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The idea that technology and startups with newer business models will not disrupt traditional businesses has been thrown out the window.
TCS is expected to report a 5 per cent QoQ (USD) growth in revenues, highest in our coverage, while Wipro's IT Services revenue growth could be closer to 1.1 per cent QoQ (USD terms)."
IT industry body Nasscom said it is quite hopeful the final contour of the bill would be much more balanced than it is at present.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
The companies experienced a drop of 5,436 approved petitions (37 per cent) in 2016 as compared to previous year, a report by the National Foundation for American Policy, a Washington-based non-profit think-tank, said.
Sensex climbs higher on favourable global cues.
Delhi Chief Minister Arvind Kejriwal undertook a course in naturopathy in Bengaluru recently. We take a look at what the treatment involves.
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