India's Nxtdigital hits over 3-month high on merger with Hinduja Leyland Finance

Ndl Ventures

17/03/2022 08:10

** Shares of media and communications co  NXTD.NS  rise as
much as 16.32% to 485.80 rupees, the highest since Dec 6
    ** Co on late Wednesday said it approved merger with
non-banking financial co, Hinduja Leyland Finance Ltd (HLFL), in
line with its aim to pursue high-growth opportunities  
    ** Proposed merger will result in co having assets
aggregating over 290 billion Indian rupees ($3.82 billion)
    ** NXTD said merger will enable the shareholders of co to
participate in and bolster the growth plans of HLFL
    ** Proposed merger will result in shareholders of HLFL
receiving shares of NXTD determined by an independent share swap
valuation
    ** In Feb, NXTD transferred digital, media and
communications business to IT service management firm Hinduja
Global Solutions  urn:newsml:reuters.com:*:nL4N2UT16Q
    ** NXTD shares are up 24.8% YTD after falling ~ 21% in 2021

($1 = 75.8680 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))