Shares of Nxtdigital Limited (NDL) rose 8% to close at ₹451 on the BSE on March 17 after the announcement of Hinduja Leasing Finance (HLF) Limited merger with it.
“Earlier, the board of HLF had accorded in-principal approval for the merger. The proposed merger will result in HLF shareholders receiving NDL shares as per share swap valuation. The merger is subject to all applicable regulatory and shareholder approvals,” HLF said in a regulatory filing.
HLF is a non-banking finance company of Ashok Leyland, while NDL is the media vertical of the Hinduja Group. NDL shares are listed on the BSE and the NSE.
“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,” HLF said.
