JSW Steel, SISCOL merger ratio at 1:22

MUMBAI: Sajjan Jindal-led JSW Steel on Monday said that it will issue one equity share for every 22 held in Southern Iron and Steel Company Ltd (SISCOL) for merger of the two companies.
    
The company said in a filling to the Bombay Stock Exchange that as per the scheme of amalgamation, the equity shareholders of SISCOL would be issued one share in the merged entity for every 22 shares held.
    
With this share swap ratio, the equity capital of JSW Steel would stand increased to Rs 179.05, from the existing Rs 164.01 crore.
    
Last month the Bombay High Court had approved the scheme of amalgamation between the two companies.
    
The scheme has been made effective from March 7, JSW Steel said.
    
Shares of JSW Steel were trading at Rs 915.20, down 2.47 per cent on the BSE.