LTIMindtree's Markets President Venugopal Lambu resigns

IT firm LTIMindtree on Tuesday saw its first big exit post merger as Markets President Venugopal Lambu resigned to "pursue opportunities outside the company". "We hereby inform you that Mr. Venugopal Lambu  has resigned from the position of Whole-time Director & President, Markets 11, to pursue opportunities outside the Company. His resignation has been accepted and his last working day will be January 10, 2023," said the company in a stock exchange filing. 

On Tuesday, the company's stock closed trading 0.6% higher at Rs 4,351.05. 

In November 2022, the L&T Group announced operationalisation of the merger of Mindtree with LTI (Larsen & Toubro Infotech), creating the country's sixth largest software firm.

LTIMindtree is the fifth largest software company in terms of market capitalisation.

The new company is headquartered in Mumbai, and is independent of L&T. L&T holds 68.73 per cent in the merged entity.

While LTI has over 400 clients now, Mindtree, which L&T took over through a hostile bid in 2019 for over Rs 11,000 crore, serves over 300 clients, and both companies earn 70 per cent of their revenues from North America.

In March 2019, L&T announced a takeover bid on the Bengaluru-based Mindtree, promoted by N Krishnakumar, NS Parthasarathy, Subroto Bagchi and Rostow Ravanan, who along with their families owned 13.32 per cent in the firm.

And in June, L&T completed an open offer at Rs 980 a share and took 60 per cent control after it could buy out the 20.4 per cent stake held by the coffee baron VG Siddhartha and his affiliate firms.

Combined L&T has paid close to Rs 11,000 crore for the takeover, including the Rs 4,988.82 crore paid in the open offer for buying the 31 per cent additional stake at Rs 980 a share.