Lock-in period for reverse merger: NDL & HFL

Stocks
1

Greetings,

I refer to the reverse merger of NDL Ventures with the unlisted entity Hinduja Leyland Finance (HLF).

My understanding is that unlisted non-promoter shareholders will be subject to a lock-in period of 6 months starting from the effective date of the arrangement. However, the investor advisor does not think this will apply.

Can anyone confirm which is the correct situation?

Regards
AGS

2

Yes, the 6-month lock-in should apply to non-promoter shareholders of Hinduja Leyland Finance who receive NDL Ventures shares after the merger.

In simple terms: if you hold unlisted HLF shares and get NDL shares through the merger, you generally cannot sell those allotted shares for 6 months from the listing/effective date. Promoters have a longer lock-in.