Jindal Stainless Hisar’s record date for merger with Jindal Stainless announced

“..in terms of Regulation 42 and 60 of SEBI Listing Regulations, the requirements of the stock exchanges and pursuant to Clauses 15 and 34 and other applicable provisions of the composite scheme, to fix Thursday, March 9, 2023 as the Record Date, for the purpose of determining the entitlement for issue of Equity shares of the company to the shareholders of JSHL and JSLLL based on the share exchange ratio,” said Jindal Stainless announced in the exchange filing.

In December 2022, Jindal Stainless had received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing.

The company informed that it received a copy of the final order of the NCLT Chandigarh Bench, sanctioning the Composite Scheme of Arrangement under Section 66, 230-232 and other applicable provisions of the Companies Act, 2013, amongst Jindal Stainless Limited (JSL), Jindal Stainless (Hisar) Limited (JSHL), JSL Lifestyle Limited (JSLLL), JSL Media Limited (JML), Jindal Stainless Corporate Management Services Private Limited (JSCMS) and Jindal Lifestyle Limited (JLL) and their respective shareholders and creditors.

“This is to inform you that the NCLT while hearing the composite scheme of arrangement, inter-alia, providing for merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited, has on 22nd December, 2022, confirmed that there were no objections to the Scheme, pending from any person, including the sectoral regulators,” Jindal Stainless Hisar had informed in exchange filing.