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The Board of Directors of NxtDigital at its meeting today, approved the proposed Scheme of Arrangement between NxtDigital and Hinduja Leyland Finance (HLFL) and their respective Shareholders - for merger of HLFL with the Company, subject to regulatory and shareholder approvals.
The proposed scheme for the merger of HLFL will come into effect after the on-going scheme of transfer of the “Digital Media & Communications Business undertaking” into Hinduja Global Solutions (HGSL) is completed.
The Board also approved the share exchange ratio for the proposed merger. As per the valuation, the shareholders of HLFL will get 23 fully paid equity shares of face value of Rs 10 per share in NxtDigital for every 10 fully paid equity shares of face value of Rs 10 each held by them in HLFL.
The proposed merger, once completed, will fuel the expansion plans of both companies.
The proposed Scheme is subject to all shareholder and regulatory approvals and the approval of the National Company Law Tribunal (NCLT).
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