Nxtdigital Ltd (NDL) opened over 3.5% higher today at Rs.432.05 and rose over 16.5% higher to an intraday high at Rs.486.20 on the back on 7-times jump in volumes.
The Board of the company yesterday gave its in-principle approval for merger of Hinduja Leyland Finance Limited (HLFL), into NDL.
HLFL is an NBFC with an AUM of over Rs 29,000crs and a pan-India presence in 1,550 locations across 23 states and 2 Union territories. More importantly, it is a subsidiary of Ashok Leyland.
The proposed acquisition will result in the merged entity having assets aggregating above Rs. 29,000 crores and the shareholders receiving shares pursuant to the share swap valuation. The Company will appoint independent valuers to carry out the valuation exercise and submit the report including share exchange ratio.