NXTDIGITAL board gives nod for acquisition of its Digital business by HGS

The Board of Directors ('Board') of NXTDIGITAL Limited (NDL), at their meeting held today i.e., January 14, 2022, have considered and noted an opportunity of the NDL & its subsidiaries' Digital (Media, Communication & Broadband) business including HITS platform & licenses being acquired by Hinduja Global Solutions Limited ('HGS'), a related party.

The proposed acquisition of NDL's business will result in shareholders of NDL receiving shares of HGS as per share swap valuation and shall be subject to all applicable regulatory approvals. The Company shall appoint necessary intermediaries and an independent valuer to carry out the valuation exercise and submit the report including share exchange ratio at the earliest.

Accordingly, the Board has decided to accord an in-principle approval for the opportunity, subject, all necessary statutory / regulatory approvals and approval of shareholders. The board has authorised the CEO & CFO to further explore this opportunity.

The company is considering the expansion plans into various diversified business opportunities in multiple value-additive sectors (a Press Release is being issued by the Company separately) and acquisition of the Digital business by HGS is likely to reinforce the company's diversification agenda. Post this proposed acquisition of digital business by HGS transaction, various opportunities will be reviewed to complement balance existing business of NDL and decision will be taken in this regard at appropriate time.

As a global leader in business process management and optimizing the customer experience lifecycle, HGS combines technology-powered services in automation, analytics and digital with domain expertise focusing on back-office processing, contact centres and HRO solutions to deliver transformational impact to clients. Part of the multi-billion-dollar conglomerate Hinduja Group, HGS takes a true "globally local" approach, with over 42,000 employees across over 50 delivery centres in about seven countries making a difference to some of the world's leading brands across nine key verticals.

NDL has in place a long-term vision for shareholder value-creation, reinforced by experienced & dynamic management and strong corporate governance framework.

Shares of Hinduja Global Solutions Limited was last trading in BSE at Rs. 3168.95 as compared to the previous close of Rs. 3096.10. The total number of shares traded during the day was 39729 in over 5269 trades.

The stock hit an intraday high of Rs. 3213.05 and intraday low of 3106.05. The net turnover during the day was Rs. 125711659.00.

Shares of NXTDIGITAL LIMITED was last trading in BSE at Rs. 402.95 as compared to the previous close of Rs. 408.20. The total number of shares traded during the day was 15016 in over 680 trades.

The stock hit an intraday high of Rs. 419.95 and intraday low of 389.95. The net turnover during the day was Rs. 6137140.00.

Source : Equity Bulls

Keywords

HindujaGlobalSolutions INE170I01016 HGS NXTDIGITAL INE353A01023 DigitalBusiness ShareExchange