Jindal Stainless (Hisar) (JSHL) shares hit a record high of Rs 504.55 as they expanded 3% on the BSE in Friday’s intraday trade after the company fixed March 9, 2023, as the best date for merger with Jindal Stainless (JSL). The stock exceeded its preceding high of Rs 494.95 on February 3, 2023.

JSHL Board permitted the merger of JSHL into JSL with a switch ratio of 1:1.95. For each share detained in JSHL, a stockholder will get 1.95 shares of JSL. The prearranged date for the contract was April 1, 2020, and it is probable to accomplish in FY23. Meanwhile, shares of JSL gained 1.5% on the BSE in the intra-day trade and hit a high of Rs 274.75. The stock hit a record high of Rs 275 on February 22, 2023.

As justification behind the merger, the company said the combined entity – JSL, as an Indian MNC, would enter the association of the top 10 global stainless-steel producers. This would also cover merging the stainless-steel business into one entity with an entire ability of 1.9 million tons per annum (MTPA). The merger with JSL will aid in the partnership of complementing strengths with stronger financial positioning.

Meanwhile, in the earlier six months, shares of JSHL are up 104%, and JSL is up 118%, have more than doubled at the exchanges. In contrast, the S&P BSE Sensex was up 1.2% during the period.