JSW Steel, Siscol fix merger ratio at 1:22
Mumbai: Steel major JSW Steel Monday said it would issue one share for every 22 held in Southern Iron and Steel Company (Siscol) for merger of the two companies. The company said in a communiqu?o 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. In this share swap ratio, the equity capital of JSW Steel would stand increased to 1.79 billion from the existing Rs 1.64 billions. 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.