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| Exchange Disseminated Time | With reference to news item appearing in a leading financial daily Jindal Strips Ltd has informed BSE that The Board of Directors in its meeting held on 29th January, 2003 has subject to necessary statutory/other approvals, approved the Scheme of Arrangement between Jindal Strips Limited and its wholly owned subsidiary Jindal Stainless Limited vide which the Stainless Steel Undertaking of Jindal Strips Limited would be merged with Jindal Stainless Limited wef 1st April, 2002.
The said Scheme of Arrangement would create Jindal Stainless Limited a focused stainless steel company. Regarding bonus issue of four equity shares for every ten shares held in Jindal Stainless Limited, we may inform that this is part of the Scheme of Arrangement.
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