Jindal Stainless announces Re 1 / share interim dividend for FY 23

20 Apr 2023 , 10:51 AM

Abhyuday Jindal has been reappointed as the company’s managing director, and Jindal Stainless Ltd (JSL) said on Wednesday that its board has also approved an interim dividend of Rs 1 for the years 2022–2023. 

Upon the successful conclusion of the merger process and the subsequent listing of new shares of the merged firm, JSL stated in a regulatory filing that a special interim dividend of Rs1 per equity share (face value of Rs 2 per equity share) will be paid for the fiscal year (FY) 23.

The record date for determining members’ eligibility for the payment of the special interim dividend, which will be finished by May 17, 2023, has been set by the board at April 26, 2023, it was announced.

At its meeting on Wednesday, the board also gave its approval for Abhyuday Jindal to be reappointed as MD for a period of five years beginning on May 1, 2023.

This is the first dividend following the merger of Jindal Stainless (Hisar) Limited (JSHL) and Jindal Stainless (JSL), the firm said in a separate statement. The total compensation, which equals the whole number of equity shares in the company, is Rs 82.34 crore.

According to Jindal, ‘This dividend is a token of appreciation for all our shareholders who have been a part of Jindal Stainless’ growth journey as we have successfully come out of the CDR (Corporate Debt Restructuring (CDR) framework) and are in the league of one of the largest stainless steel companies in the world.’

The two companies will merge on March 2, 2023. The combined company’s total melting capacity is close to 3 MTPA (million tonnes per annum).

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