The Board also approved the share exchange ratio for the proposed transfer. As per the valuation, each shareholder of NDL holding 63 equity shares will receive 20 fully paid equity shares (post bonus) of face value of Rs 10 per share of HGSL.

These new share allotments in HGSL will be over and above the existing shares of NDL held by the shareholders, thus retaining their existing shareholding in NDL.

NDL shall pursue other high growth-oriented business opportunities in a restructured manner including rebranding, renaming in consonance with potential M&A proposals.

The proposed Scheme is subject to all shareholder and regulatory approvals and the approval of the National Company Law Tribunal (NCLT).