New Delhi, Apr 19 (PTI) Jindal Stainless Ltd (JSL) on Wednesday said its board has approved the reappointment of Abhyuday Jindal as the company's Managing Director and an interim dividend of Re 1 for 2022-23.

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"Payment of special interim dividend of Re 1 per equity share (face value of Rs 2 per equity share) for FY23 upon successful completion of the merger process and consequent listing of new shares of the merged entity," JSL said in a regulatory filing.

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The board has fixed April 26, 2023, as the record date for determining entitlement of members for the purpose of payment of special interim dividend which will be completed by May 17, 2023, it said.

The board at its meeting on Wednesday also approved the reappointment of Abhyuday Jindal as MD for a term of five years effective May 1, 2023.

In a separate statement, the company said this is the first dividend post-merger of Jindal Stainless (Hisar) Limited (JSHL) into Jindal Stainless (JSL). The aggregate payout is Rs 82.34 crore, which is equal to the total number of equity shares of the company.

Jindal, said, "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 merger of JSHL and JSL is effective March 2, 2023. The total melting capacity of the merged entity stands at nearly 3 MTPA (million tonne per annum).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)