Jindal Stainless Hisar to be merged into Jindal Stainless Ltd ANI | Updated: Dec 29, 2020 18:09 IST
New Delhi [India], December 29 (ANI): Jindal Stainless Hisar Ltd (JSHL) will be merged into Jindal Stainless Ltd (JSL) after the board of directors at both companies on Tuesday accepted recommendations of respective board committees.
As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL. The merger of JSL and JSHL will induce a simplified capital structure, expanding the turnover of merged business to Rs 20,000 crore, said Managing Director Abhyuday Jindal. With 1.9 million tonnes per annum melt capacity, the merged entity will be the only Indian company in the league of top 10 stainless steel companies in the world, he said in a statement.