NXTDigital shares gain on news of merger with Ashok Leyland's vehicle finance subsidiary

Now, with Hinduja Leyland Finance being merged into it, NXTDigital will become a non-banking financial company (NBFC) which is what perhaps the Street is excited about as the stock gained in trade.

At 10:22, shares of NXTDigital were trading at Rs 435.7, up of 3.30 percent from the previous close on the BSE.

As a result of the merger, 23 NXTDigital shares will be allocated for every 10 Hinduja Leyland Finance shares.

NXTDigital's net worth stood at Rs 469 crore, while that of Hinduja Leyland Finance was at Rs 3,852 crore for the year ended FY22.

The scheme is subject to the receipt of approvals from the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), the National Company Law Tribunal (NCLT), BSE, NSE, and other statutory and regulatory

authorities, and respective shareholders and creditors.