NXTDigital board approves merger with Hinduja Leyland Finance
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3 years ago 06:36:17am Television

NXTDigital board approves merger with Hinduja Leyland Finance

New Delhi, 22-December-2022, By IBW Team

NXTDigital announces reconstitution of Board

The board of directors of NXTDigital Ltd (NDL) on Wednesday, has accorded in-principle approval for the merger of Hinduja Leyland Finance Ltd (HLFL), a non-banking finance company into NDL, subject to all statutory or regulatory approvals and approval of the shareholders.

The proposed acquisition will result in the merged entity having assets aggregating above Rs.29,000 crore and the shareholders receiving shares under the share swap valuation.

The company will appoint independent valuers to carry out the valuation exercise and submit the report including the share exchange ratio.

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

Post to the decision to transfer the digital, media, and communications business undertaking to Hinduja Global Solutions Ltd, (which is subject to necessary regulatory and shareholder approvals), NDL has been evaluating various proposals in line with its objective of pursuing high growth-oriented business opportunities that could bring in incremental value.

In line with this commitment to creating value for its shareholders, this merger will enable the shareholders of NDL to participate in and be a part of the aggressive growth plans of HLFL.


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