Jindal Stainless Board to decide on issue of shares to JSHL

Jindal Stainless Ltd (JSL) today said a sub-committee of its board will meet on June 15 to consider number of shares to be issued to Jindal Stainless (Hisar) Ltd (JSHL).
Last year, JSL demerged its operations into three separate entities -- listed JSHL as well as private companies Jindal United Steel Ltd (JUSL) and Jindal Coke Ltd (JCL).
The sub-committee of the board will consider "number of equity shares to be issued by the company to JSHL upon conversion of Rs 366.18 crore being the amount due and payable by the company to JSHL as of the 'Appointed Date 1' that is close of business hours before midnight of March 31, 2014."

It is specified in the Composite Scheme of Arrangement among JSL, JSHL, JUSL and JCL as well as their shareholders and creditors, as approved by the High Court of Punjab and Haryana at Chandigarh vide its order on September 21, 2015 (as modified vide order dated October 12, 2015), it added.
Shares of JSL closed 1.66 per cent up at Rs 15.30 apiece on BSE.