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The Board of Directors of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) on Tuesday approved the merger of JSHL into JSL. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL.
In a statement, Abhyuday Jindal, Managing Director, JSL & JSHL, said, “I am confident that the proposed merger of JSHL into JSL will enhance value to shareholders of both the companies. The merger of JSL and JSHL will also induce a simplified capital structure, expanding the turnover of the merged business to ₹20,000 crore. With 1.9 MTPA melt capacity, the merged entity will be the only Indian company in the league of top 10 stainless steel companies in the world. This transition will also bolster the government’s ‘Atmanirbhar Bharat’ mission.”
Post the merger, JSL will be the single listed entity on the stock exchanges and the promoter holding will be 57 per cent, while the remaining 43 per cent will be held by the public. The merger is subject to approvals from statutory authorities, shareholders, creditors, and NCLT.
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