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L&T Infotech and Mindtree, are the two independently listed IT services companies under Larsen & Toubro Group.
The combined business will overtake Tech Mahindra to become the fifth-largest IT services provider by market capitalization.
Mindtree shareholders will get 73 shares of LTI for every 100 shares of Mindtree, the statement said, adding the combined entity will be called as LTIMindtree.