Merger between Hinduja Global and Nxtdigital: Merger between Hinduja Global and Nxtdigital gets green light from shareholders
In February 2022, the HGS Board of Directors had approved the acquisition of the media and digital businesses of Nxtdigital. The National Company Law Tribunal (NCLT) had convened a meeting of
Global shareholders on Sept. 2 to review the deal.
In a separate filing to the stock exchanges, Nxtdigital said 99.99% of its non-promoting shareholders voted in favor of the plan of arrangement between the company and
Nxtdigital said Friday’s shareholder meeting was held pursuant to the National Company Law Tribunal’s July 29 order.
“This overwhelming support from minority shareholders reflects the fact that the company has always kept the interests of minority shareholders in mind when making any strategic decision,” said Vynsley Fernandes, Managing Director and CEO of Nxtdigital in a statement.
Earlier this year, the Hinduja Group announced a restructuring of some group entities. In the first phase of the restructuring, the group proposed to merge the operations of Nxtdigital into Hinduja Global Solutions.
Nxtdigital’s businesses include broadband, digital cable television, content syndication and home shopping. Hinduja Global is in the business of BPO. In the second phase of the restructuring, Hinduja Leyland Finance (HLF), a unit of
will be absorbed by Nxtdigital.