NxtDigital Board approves proposed scheme of arrangement

26 Feb 2022 , 01:35 AM

The Board of Directors of NxtDigital at its meeting held on 17 February 2022 approved the proposed Scheme of Arrangement between NxtDigitalNDL and Hinduja Global Solutions HGSL and their respective Shareholders – for the demerger of the Digital Media Communication Business undertaking of NDL into HGSL on a going concern basis 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 MA proposals The proposed Scheme is subject to all shareholder and regulatory approvals and the approval of the National Company Law Tribunal NCLT