The board of Jindal Stainless Ltd. approved a special interim dividend of Re 1 per share for the fiscal ended March 2023.
The company has fixed April 28 as the record date for the dividend, it said in an exchange filing on Tuesday. Jindal Stainless said it will complete the payment of the special interim dividend and dispatch of dividend warrants by May 17.
The dividend will be paid on the successful completion of a proposed merger process and the listing of shares of the merged entity, the company said.
In December 2020, the company's board approved a composite scheme of arrangement including Jindal Stainless Ltd., Jindal Stainless (Hisar) Ltd., JSL Lifestyle Ltd., JSL Media Ltd., Jindal Stainless Corporate Management Services Pvt., and Jindal Lifestyle Ltd.
Among other things, the scheme included amalgamating Jindal Stainless (Hisar) into Jindal Stainless. In February earlier this year, the record date for the merger was fixed for March 9, 2023.
The Jindal Stainless board also approved the reappointment of Abhyuday Jindal as managing director for a term of five years, starting May 1. He is the son of Ratan Jindal, the chairman and managing director of the company.
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