Shareholders and Creditors Approve Jindal Stainless Steel-JSHL Merger

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The merger of Jindal Stainless Ltd (JSL) and Jindal Stainless (Hisar) Ltd (JSHL) into a single entity has been approved by shareholders and creditors of both companies.

In accordance with regulatory requirements, the two companies have called meetings of their respective shareholders and creditors to approve the plan of arrangement between the two companies, JSL said in a statement Tuesday.

“Shareholders and creditors of JSL and JSHL have approved the Merger Scheme of Arrangement by majority,” he added.

The meetings were held on April 23 following the order of the National Company Law Tribunal (NCLT), Chandigarh Bench. The companies will now file the second motion request with the NCLT, he said.

“We are pleased that our shareholders and creditors have overwhelmingly approved the merger plan. It is a testament to their confidence that the merger will create value for all stakeholders of both companies…hopefully complete the merger in FY23,” JSL Managing Director Abhyuday Jindal said.

With a total smelting capacity of 0.8 million tonnes per annum (MTPA), Hisar-based JSHL is India’s largest specialty stainless steel producer with a diverse portfolio of value-added products.

JSL owns and operates a 1.1 MTPA stainless steel plant in Jajpur, Odisha.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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