Markets

Nxtdigital jumps 17 per cent on HLFL merger

BL Chennai Bureau | Updated on: Mar 17, 2022
The stock of NDL pared half of its gains to close at ₹451.75, up 8.37 per cent over the previous day’s close.

The stock of NDL pared half of its gains to close at ₹451.75, up 8.37 per cent over the previous day’s close. | Photo Credit: AndreyPopov

The proposed merger will result in NDL having assets over ₹29,000 crore and shareholders receiving shares of the merged entity as per share swap valuation

Shares of Nxtdigital (NDL) surged as high as 17 per cent to ₹486.20 on the BSE on Thursday in early trade after its board accorded an in-principle approval for merger of Hinduja Leyland Finance Ltd (HLFL) with itself. The proposed merger will result in NDL having assets over ₹29,000 crore and shareholders receiving shares of the merged entity as per share swap valuation.

The company will appoint necessary intermediaries and independent valuers to carry out the valuation exercise and submit the report to the audit committee and the board, it said in a disclosure to the stock exchanges.

The stock of NDL pared half of its gains to close at ₹451.75, up 8.37 per cent over the previous day’s close.

Post the board’s earlier decision to transfer the media & communication business undertaking of NDL to Hinduja Global Solutions Ltd, (which is subject to necessary regulatory and shareholder approvals), the company 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, the statement added. 

Published on March 17, 2022
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