The board of Hinduja Finance yesterday approved the merger of Ashok Leyland Information Technology (ALIT) with Hinduja Finance. The share swap ratio has been fixed at one share of Hinduja finance for twenty shares of Ashok Leyland Information Technology (ALIT).
The valuation was carried out by AF Ferguson and company and Shah and company. The equity of HF will increase nominally by Rs one crore to Rs 23.99 crore.
At its last board meeting in January, the directors had approved the acquisition at par of 51 per cent equity in the group promoted in2cable.com (India) pvt ltd. The company delivers Internet on cable using the cable networks of IndusInd media and communications limited. The company has already started delivery of the Internet on cable on a trial basis in Mumbai and will provide such service in Bangalore, Delhi , Ahmedabad and Hyderabad. negotiations are on with an international partner for its joint venture in this sector to be announced shortly. A statement released by company said that it will look at further acquisitions in the infotech and telecom sectors. "The merger with ALIT is the starting point for HF to optimise its participation in the convergence opportunities," said the statement.
It said that the there is a move to position the company's focus in sectors like infotech, Internet access and content, e-commerce, infotainment media and telecom.
