Hinduja Leyland Finance Ltd approves merger with NXTDIGITAL Ltd

The Board of Directors of Hinduja Leyland Finance Limited ('Board'), a Material Subsidiary of Ashok Leyland Ltd at their meeting held on March 16, 2022, considered the proposal of merger of the Company - Hinduja Leyland Finance Limited (Company) into NXTDIGITAL Limited (NDL).

The proposed merger of our company will result in shareholders of our company receiving shares of NDL as per share swap valuation and shall be subject to all applicable regulatory and shareholder approvals.

The Company has taken necessary approvals for appointment of intermediaries and independent valuer(s) to carry out the valuation exercise and submit the report to the audit committee and board.

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

Our Company in line with its growth plans has been evaluating various options to raise capital for its primary capital requirements. In line with this objective, the proposed merger is expected to create value to our company and its shareholders and also catalyse our growth plans.

NXTDIGITAL Limited (NDL) is the media vertical of the Hinduja Group. The media and communications company is India's premier integrated Digital Delivery Platforms Company - delivering services via satellite, digital cable and broadband with a pan-India reach. NDL shares are listed both on the BSE and the NSE. The Board of NDL has on 17th February, 2022 has decided that the Digital Media & Communication Business undertaking of NDL would be transferred to Hinduja Global Solutions Limited, (which is subject to necessary regulatory and shareholder approvals).

Shares of Ashok Leyland Limited was last trading in BSE at Rs. 115.50 as compared to the previous close of Rs. 110.00. The total number of shares traded during the day was 2860135 in over 19416 trades.

The stock hit an intraday high of Rs. 116.30 and intraday low of 111.15. The net turnover during the day was Rs. 326218563.00.

Source : Equity Bulls

Keywords

AshokLeyland INE208A01029 HindujaLeylandFinance Merger NXTDIGITAL