Mindtree issues clarification on merger news, says no such info available on it

NEW DELHI: Mindtree on Monday said news reports of a merger between Mindtree and L&T Infotech were speculative in nature. Though the company’s response still fell short of refuting the news.

“We would like to state that there is no information available with the company as of today, which is required to be reported under extant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and which may have a bearing on the stock price of the company,” it said in a regulatory filing.

“The share price movement on April 18, 2022, was in line with that of industry peers as well as the day’s market indices,” it added, referring to the crash in IT stocks following Infosys’ poor Q4 numbers.


The stock on Monday closed down 3.33 per cent at Rs 3,960.80.

Earnire in the day, news reports, citing sources, claimed Larsen & Toubro, which owns both Mindtree and L&T Infotech, was weighing a merger between the publicly traded software firms. The report said companies could consider share swap ratios for the merger as early as next week.

Larsen acquired control of Mindtree in 2019. The conglomerate holds about a 61 per cent stake in the company, which has a market value of $8.3 billion, and has around 74 per cent of L&T Infotech, which has a market capitalization of $13.6 billion.