The board of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) on Tuesday (29 December 2020) accepted the recommendations of the respective board committees and approved the merger of JSHL into JSL.Shares of Jindal Stainless (Hisar) fell 0.84% to Rs 146.80 while Jindal Stainless slipped 1.37% to Rs 78.95.
As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL.
JSL is the largest manufacturer of stainless steel in India with a capacity of 1.1 MTPA.
JSHL is an integrated stainless steel manufacturer with facilities starting from melting, casting, and hot rolling to cold rolling and other value additions.