LTIMindtree is volatile
There was a new listing today but it was of a different kind, more of a 'relisting' – the merged entity of erstwhile L&T Infotech (LTI) and Mindtree commenced trading today under a new name – LTIMindtree.
Mindtree was delisted from the exchanges in 23rd Nov’22 and its shareholders were issued shares 73 shares of LTI (now renamed LTIMindtree) for every 100 shares held of Mindtree. Though LTI had started trading as LTIMindtree since 24th Nov’22, the new shares of this renamed company were allotted to Mindtree shareholders, starting today.
Post this, the parent company, L&T holds a good 68.73% stake in LTIMindtree, which is the fifth largest IT company in terms of Market cap.
The stock price remains volatile, opening lower at Rs.5060, going up to day’s high point at Rs.5120.40 but soon tumbling down to day’s low at Rs.4981.50, where it is currently trading.