M&A

M&A

Hinduja Leyland Finance to merge with publicly listed group firm NxtDigital

BSE Disclosure  

Ashok Leyland's NBFC unit - Hinduja Leyland Finance (HLF) - is to merge with publicly listed Hinduja group firm NxtDigital Limited (NDL). The merger will involve the swapping of NDL's 23 equity shares (face value of INR 10 each) for 10 equity shares of (face value of INR 10 each) 10 equity shares of HFL. The ratio was approved based on the valuation exercise carried out and recommended by KPMG Valuation Services LLP and SSPA & Co., Chartered Accountants. HLF is a subsidiary of Ashok Leyland and is engaged in the business of financing commercial and personal vehicles. NDL had earlier transferred its digital, media and communications business undertakings to Hinduja Global Solutions.