Nxtdigital opened 5.5% higher at Rs.445 and rose to an intraday high at Rs.447, up 6% on the back of an almost 3x surge in volumes. Its 52-week high is at Rs.521.09.
The stock price reacted positively to the news that Ashok Leyland’s Board today approved the merger of Hinduja Leyland Finance (HLF) into Nxtdigital (NDL).
HLF is a subsidiary of Ashok Leyland and is engaged in the business of financing commercial and personal vehicles. NDL is the flagship media investment of the global Hinduja Group delivering services via satellite, digital cable & broadband.
The share swap ratio for the merger of HLF into NDL - 23 shares of NDL for every 10 shares of HLF held.