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Coimbatore, Feb. 23 The Bombay High Court has given its approval to the merger of Southern Iron & Steel Ltd (Siscol) with JSW Steel Ltd (JSWSL).

In a communication to the BSE, JSWSL said that the High Court of Judicature at Mumbai has sanctioned the Scheme of Amalgamation of Southern Iron & Steel Co Ltd with the company. The order sanctioning the scheme was pronounced in the Court on February 22. The written order sanctioning the scheme is expected to be received shortly. Once the order of the High Court is filed with the Registrar of Companies, Maharashtra, the scheme will become effective, the communication said.

The company had proposed a swap ratio of one share of JSWSL for every 22 shares of Siscol. While the shares of JSWSL closed at Rs 1,115.05 on the NSE on Friday, Siscol shares closed at Rs 47.30 on the BSE.

More Stories on : Mergers & Acquisitions | Steel | Courts/Legal Issues

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