The appointed date for the merger is April 01, 2022, subject to approvals; and no cash consideration has been involved in the merger
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Ashok Leyland has informed the exchanges that its Board of Directors has on August 16 approved the Scheme of Merger by Absorption of Hinduja Leyland Finance (HLF) into NXTDIGITAL and its respective shareholders.
The company release said, “HLF is proposed to get merged with NXT Digital (NDL) subject to shareholders and other requisite approvals including approval of NCLT.”
The share swap ratio for the merger of HLF into NXTDIGITAL will entail 23 shares of NXTDIGITAL to be allotted for every 10 shares of Leyland Finance held. NXT Digital’s net worth is pegged at Rs 469 crore, while that of HLF Rs 3,852 crore for year ending FY22.
The proposed merger intends to unlock value for shareholders, integrate business operations, and bring in efficiency in cash management, Ashok Leyland said. No cash consideration has been involved in the merger.
As per the Scheme, the appointed date for the merger is April 01, 2022, subject to approvals from appropriate authorities, the company filing said.
HLF, a subsidiary of Ashok Leyland, is a non-deposit taking non-banking financial company (NBFC) that finances a range of vehicles. NXTDIGITAL delivers TV services through digital cable as well as a Head end-In-The-Sky (HITS) satellite platform.
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