Jindal Stainless declares special interim dividend for FY 22-23, record date fixed

“Pursuant to the applicable provisions of the SEBI Listing Regulations, we wish to inform you that the Board of Directors (the “Board”) of Jindal Stainless Limited (the “Company”) at its meeting held today i.e. April 18, 2023, has considered and Accepted in addition to: 1. Payment of Special Interim Dividend @ 50% i.e. Rs. 1 per equity share (face value of Rs. 2 per equity share) on successful completion of the merger process and resultant list of new shares of the merged entity for the financial year 2022-23. Accordingly, the Board has fixed Wednesday, April 26, 2023 as the record date for determining the eligibility of members for the purpose of payment of special interim dividend. The payment of special interim dividend/dispatch of dividend warrants will be completed by May 17, 2023. 2. Re-appointment of Shri Abhyudaya Jindal (DIN: 07290474), on the recommendation of the Nomination and Remuneration Committee, as Managing Director of the Company for a continuous period of 5 (five) years with effect from May 1, 2023, subject to the approval of the Members of the Company. Shri Abhyudaya Jindal has not been debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other such authority,” the board of Jindal Stainless said in a stock exchange filing today.

Recently leading rating agency firm CRISIL has raised the outlook of Jindal Stainless to AA-/Positive. With regard to long-term bank facilities and debt programme, CRISIL Ratings upgraded the outlook of the company to “Positive” from “Stable” and retained its “CRISIL AA-” rating. Meanwhile, the rating on short-term bank facilities has been maintained at “CRISIL A1+”.

Commenting on the development, Mr. Abhyuday Jindal, Managing Director, Jindal Stainless said, “The upgraded outlook by CRISIL Ratings is an important recognition of Jindal Stainless’s strong business fundamentals and its commitment to mitigating environmental and social risks. With a focus on creating a sustainable ecosystem, increasing our smelting capacity to meet the growing stainless steel demand and improving our environmental, social and governance profile, we are best-in-class in India and the world. Will continue to provide stainless steel solutions. ,

Jindal Stainless shares closed today on NSE 261.50 each level, down 0.11% from the previous close 261.80. The stock touched a 52-week high 329.00 (08-Mar-2023) and at 52-week low at 95.05 (20-Jun-2022). During Q4FY23, the company recorded promoter holding at 57.95%, FII holding at 21.10%, DII holding at 6.84% and public holding at 14.12%.