Hinduja Global and Nxtdigital merger gets shareholder nod

Mumbai: Hinduja Global Solutions (HGS) said on Friday 94.25% of its shareholders approved the scheme of arrangement between group company Nxtdigital and itself.

In February 2022, the board of the HGS had approved acquisition of Nxtdigital's media and digital business. The National Company Law Tribunal ( NCLT) had convened a meeting of Global's shareholders on September 2 to consider the deal.

In a separate filing to the stock exchanges, Nxtdigital said 99.99% of its non-promoter shareholders voted in favour of the scheme of arrangement between the company and Solutions.

Nxtdigital said the shareholder meeting on Friday was held in compliance with the order of the National Company Law Tribunal on July 29.

"This overwhelming support by the minority shareholders is reflective of the fact that the Company has always kept the interests of the minority shareholders in mind while taking any strategic decisions," said Vynsley Fernandes, managing director and chief executive officer of Nxtdigital in a release.

Earlier this year, the Hinduja Group had announced a restructuring of a few group entities. In the first phase of the restructuring, the group proposed to merge Nxtdigital's operations into Hinduja Global Solutions.

Nxtdigital's businesses include broadband, digital cable television, content syndication, and teleshopping. Hinduja Global is into the BPO business. In the second phase of restructuring, Hinduja Leyland Finance (HLF), a unit of , will get absorbed into Nxtdigital.