Shareholders and creditors approve merger of Jindal Stainless Ltd and Jindal Stainless Hisar Ltd

The ongoing merger process of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) achieved another milestone. As per regulatory requirement, the Companies convened meetings of their shareholders and creditors for approving the Scheme of Arrangement between the two Companies. The Scheme was approved by an overwhelming majority.

Taking note of this crucial accomplishment, Managing Director, Jindal Stainless, Mr Abhyuday Jindal said, "We are happy that our shareholders and creditors have approved the Scheme of Arrangement for JSL-JSHL merger by an overwhelming majority. This is a testimony to their confidence that the merger is value-accretive for all stakeholders of both the Companies. We'll continue to complete the further processes and hope to complete the merger in FY23."

The meetings to approve the Scheme of Arrangement were organised on April 23, pursuant to the order pronounced by the Hon'ble National Company Law Tribunal (NCLT), Chandigarh Bench. The Companies will now file the second motion application with the Hon'ble NCLT.

Shares of Jindal Stainless (Hisar) Limited was last trading in BSE at Rs. 372.20 as compared to the previous close of Rs. 390.20. The total number of shares traded during the day was 17670 in over 1354 trades.

The stock hit an intraday high of Rs. 387.40 and intraday low of 371.00. The net turnover during the day was Rs. 6648832.00.

Shares of Jindal Stainless Limited was last trading in BSE at Rs. 190.70 as compared to the previous close of Rs. 200.40. The total number of shares traded during the day was 108575 in over 3065 trades.

The stock hit an intraday high of Rs. 199.65 and intraday low of 187.20. The net turnover during the day was Rs. 21057017.00.

Source : Equity Bulls

Keywords

JindalStainlessHisar INE455T01018 JindalStainless INE220G01021 JSL Merger Shareholders Creditors