Mumbai: NXTDIGITAL Ltd. (NDL) has announced that the company's shareholders have approved the change in the company's name to NDL Ventures Ltd., subject to regulatory approval. The e-voting process began on 29 December 2022 and concluded on 28 January 2023.
With the on-going merger with Hinduja Leyland Finance Ltd. (HLFL), a systemically important non-banking finance company (NBFC), into the company (subject to shareholder and regulatory approval), the company has inducted HLFL managing director & CEO Sachin Pillai as an additional director on the board of the company. This will pave the way for the company to enter the financial services sector.
Welcoming Sachin Pillai on to the board, chairman Sudhanshu Tripathi stated that “We are very pleased to have Sachin Pillai on our board. With his experience of over two decades of leadership experience he is very well positioned to support our financial services blueprint.”
The company has always strived to maximise the interests of its shareholders. To that end, the recently completed issue and allotment of equity shares of Hinduja Global Solutions Ltd. pursuant to the scheme of arrangement, as well as the subsequent dividend on these shares, have benefited the shareholders significantly.
The company 's shareholders will also benefit from the opportunity to participate in Hinduja Global Solutions Ltd.'s buyback offer and the ongoing merger of HLFL and NDL.
These actions have resulted in significant value for minority shareholders.
Concerning the proposed merger of HLFL and the company, the board of directors of the company approved the draft scheme of arrangement of the company with HLFL on 25 November 2022. The scheme of arrangement has been submitted to regulatory authorities for approval; once approved, the necessary applications will be submitted to the national company law tribunal.
For the quarter ended 31 December 2022, the company reported a profit after tax of Rs 38.30 lakhs. These results are after the transfer of the digital media & communications business undertaking to Hinduja Global Solutions Ltd., and thus appear on the company's reduced balance sheet as it is currently in transition.
