Jindal Stainless announces 1st Dividend in 15 years

Bhubaneswar, April 20, 2023 : The Board of Directors of Jindal Stainless Ltd announced a Special Interim Dividend payment @50%, i.e., Re 1 per equity sharewith a face value of Rs 2 each for FY23. This is the first dividend after a gap of 15 years and the successful merger of Jindal Stainless (Hisar) Limited (JSHL) into Jindal Stainless (JSL).

The record date for determining members’ entitlement for payment has been set as April 28, 2023. The dividend shall be paid on or before May 17, 2023,i.e. within 30 days of the approval.

The aggregate payout is Rs 82.34 crores, equal to the total number of equity shares of the company.

Announcing the Special Interim Dividend, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “This Special Interim Dividendis 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 and are in the league of one of the largest stainless steel companies in the world. This announcement is also on the sidelines of the successful completion of the merger process and the consequent listing of new shares of the merged entity.”

The merger of JSHL and JSL is already over and effective from 2 March, 2023. The expansion, including capacity and downstream enhancement, is complete as well, increasing the company’s capacity at its Jajpur facility from 1.1 MTPA to 2.1 MTPA. As a result, including 0.8 MTPA at Hisar, the total melting capacity of the merged entity stands at nearly 3 MTPA.

Recently, Jindal Stainless also earned an outlook upgrade from ‘Stable’ to ‘Positive’ from the CRISIL Ratings on the long-term bank facilities and debt programme. The rating agency revised the outlook owing to the company’s improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and strategic acquisitions.