The merger was approved by the Board of Directors of HLFL on November 25, 2025, as part of a Scheme of Merger by Absorption. According to the regulatory filings, the scheme was considered after a recommendation from the Audit Committee and Independent Directors.
HLFL will be absorbed into NDL Ventures, subject to approvals from the Securities and Exchange Board of India (SEBI), the National Company Law Tribunal (NCLT), BSE, NSE, and other applicable statutory authorities.
The appointed date for the merger is proposed to be April 1, 2026, or such other date as may be directed or approved by NCLT or any other appropriate authority.
As per the approved share exchange ratio, shareholders of Hinduja Leyland Finance Limited will receive 25 equity shares of NDL Ventures Limited (face value Rs 10) for every 10 equity shares of HLFL (face value Rs 10) held.
NDL Ventures reported a total income of Rs 4.94 crore and a net worth of Rs 60.05 crore for the financial year ended March 31, 2025. In contrast, Hinduja Leyland Finance Limited reported a total income of Rs 4,473.33 crore and a net worth of Rs 7,299.23 crore during the same period.Also read: Whirlpool of India shares crack 13% as promoter likely sells 12% equity stake via block deal
The merger is part of a strategic realignment involving material subsidiaries of Ashok Leyland and was previously intimated to the stock exchanges on multiple occasions, including on March 16, 2022, and August 11, 2025.
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