Sector Update - Indian Stainless Steel - ICICI Direct
Posted On: 2021-01-01 05:41:49 (Time Zone: Arizona, USA)
The board of directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) have accepted the recommendations of the respective board committees and approved the merger of JSHL into JSL. The transaction between Jindal Stainless (Hisar) and Jindal Stainless Ltd is an all-equity merger. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL. Furthermore, as per the proposed structure, the mobility business of JSL Lifestyle Ltd, a domestic subsidiary of JSHL, would be merged into JSL. Non-mobility businesses would be carved out as a separate new entity, called Jindal Lifestyle Ltd. Post restructuring, Jindal Stainless Steelway Ltd (JSSL) and Jindal Lifestyle Ltd will operate as Indian subsidiaries while overseas operational subsidiaries of JSL in Spain and Indonesia will continue to operate as business
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.
Jindal Stainless (Hisar) Limited to merge with Jindal Stainless Limited
Posted On: 2020-12-29 06:09:43 (Time Zone: Arizona, USA)
The Board of Directors of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) today accepted the recommendations of the respective Board Committees and 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.
Managing Director, JSL & JSHL, Mr Abhyuday Jindal said, I am confident that the proposed merger of JSHL into JSL will enhance value to shareholders of both the Companies. The consolidation will enable harnessing of the complementing strengths of the individual Companies. Seamless integration of infrastructure, processes and operational synergies, along with a strengthened balance sheet, would improve financial flexibility. The merger of JSL and JSHL will also induce a simplified capital structure, expanding the turnover of t
Jindal Stainless Hisar to be merged into Jindal Stainless mexicostar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mexicostar.com Daily Mail and Mail on Sunday newspapers.
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.