Hinduja Leyland Finance (HLFL) – Latest Unlisted Share Update

Hinduja Leyland Finance (HLFL) continues to progress towards its proposed merger with NDL Ventures Limited, providing HLFL shareholders a potential route to listed equity through the proposed reverse-merger structure.

Proposed Share Exchange Ratio

10 HLFL shares → 25 NDL Ventures shares

For example, a shareholder holding 1,000 HLFL shares would be entitled to 2,500 NDL Ventures shares, subject to the final approved scheme and applicable conditions.

Merger Progress

The merger process has advanced through key regulatory and shareholder stages, including CCI approval and the NCLT-directed shareholder meeting process.

The NCLT-convened shareholder meeting was held on 30 July 2026, and the voting results were subsequently filed.

🚀 What Next?

The next important milestone is the final NCLT approval and completion of the merger formalities. Until the scheme becomes effective, the proposed share exchange should not be treated as final.

Why HLFL Is Being Watched

The proposed transaction could provide HLFL shareholders with exposure to a listed entity through the merger, making HLFL one of the closely watched unlisted opportunities in the financial-services space.