Hinduja Leyland Finance Ltd to merge into NXTDIGITAL Ltd

The Board of Directors, at their meeting held today i.e., March 16, 2022, considered the proposal of merger of Hinduja Leyland Finance Limited, a registered Non-Banking Finance Company (NBFC) into NXTDIGITAL Limited and accorded in-principle approval for the same, subject to all necessary statutory / regulatory and shareholders approvals.

The proposed merger of HLFL will result in NDL having assets aggregating over Rs. 29000 crores and shareholders receiving shares of the merged entity as per share swap valuation. The Company shall appoint necessary intermediaries and independent valuer(s) to carry out the valuation exercise and submit the report to the Audit Committee and the Board.

Accordingly, the Board has decided to accord an in-principle approval for this opportunity, subject to all necessary statutory / regulatory and shareholders approvals.

Post the Board's earlier decision to transfer the Media & Communication Business undertaking of NDL to Hinduja Global Solutions Limited, (which is subject to necessary regulatory and shareholder approvals), NDL has been evaluating various options of creating incremental value for its shareholders. In line with this commitment to create value to its shareholders this merger will enable the shareholders of NDL to participate in and be part of the growth plans of HLFL one of India's leading NBFCs.

HLFL is one of India's leading finance NBFCs with an AUM of over Rs 29,000crs and a panIndia presence in 1,550 locations across 23 states and 2 Union territories. Through a vast network of branches, HLFL finances a wide range of commercial and personal vehicles, from medium and heavy commercial vehicles, light commercial vehicles and small commercial vehicles to cars, multi-utility vehicles, three wheelers, and two wheelers, as well as various kinds of used vehicles. HLFL is a subsidiary of Ashok Leyland Limited.

Shares of NXTDIGITAL LIMITED was last trading in BSE at Rs. 416.85 as compared to the previous close of Rs. 381.85. The total number of shares traded during the day was 8848 in over 688 trades.

The stock hit an intraday high of Rs. 423.10 and intraday low of 383.00. The net turnover during the day was Rs. 3619493.00.

Source : Equity Bulls

Keywords

NXTDIGITALLIMITED INE353A01023 Merger HindujaLeylandFinance NBFC