JSL Overseas Holding Limited, a Mauritius-based promoter group entity, has increased its stake in Jindal Stainless Limited through strategic open market acquisitions. The company filed mandatory disclosures with stock exchanges on February 24, 2026, detailing the share purchase transactions.

Acquisition Details

The acquisition involved the purchase of 8,15,607 equity shares of Jindal Stainless Limited through open market transactions. The shares were acquired in two tranches:

Shareholding Changes

The acquisition resulted in a marginal increase in JSL Overseas' shareholding in Jindal Stainless Limited. The transaction details show the following changes in voting rights:

Company Structure and Compliance

JSL Overseas Holding Limited, headquartered in Mauritius, belongs to the promoter group of Jindal Stainless Limited. The disclosure was made under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The target company, Jindal Stainless Limited, maintains its equity share capital at Rs. 1,64,88,39,176 divided into 82,44,19,588 equity shares of Rs. 2 each. The company's shares are listed on both the National Stock Exchange of India Limited (NSE) and BSE Limited.

Persons Acting in Concert

The disclosure includes an extensive list of persons acting in concert (PAC) with JSL Overseas, comprising various Jindal family members, Hindu Undivided Families (HUFs), and related corporate entities. Key entities in the promoter group include multiple investment companies, trading firms, and family trusts associated with the Jindal group.

The transaction represents a routine increase in promoter group shareholding through open market purchases, maintaining the group's strategic position in Jindal Stainless Limited while ensuring full regulatory compliance with SEBI disclosure requirements.

Jindal Stainless Limited has issued a postal ballot notice dated February 17, 2026, seeking shareholder approval for the re-appointment of three independent directors for their second consecutive three-year terms. The company has notified stock exchanges BSE Limited and National Stock Exchange of India Limited about the postal ballot process under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Postal Ballot Details and Timeline

The remote e-voting period will commence on Tuesday, February 24, 2026, at 9:00 a.m. (IST) and will end on Wednesday, March 25, 2026, at 5:00 p.m. (IST). The e-voting module will be managed by MUFG Intime India Private Limited (formerly known as Link Intime India Pvt. Ltd.). The company has appointed Mr. Kamal Gupta, Advocate, as the Scrutinizer to conduct the postal ballot process in a fair and transparent manner.

Director Re-appointment Proposals

The postal ballot seeks approval for three special resolutions concerning the re-appointment of independent directors:

Ms. Shruti Shrivastava (DIN: 08697973)

Ms. Shrivastava's re-appointment is proposed for a second term of three consecutive years with effect from January 23, 2026, till January 22, 2029. She was initially appointed as a Non-Executive Independent Director on January 23, 2023. Ms. Shrivastava is currently the Managing Partner of Sagus Legal and has over 17 years of experience in general corporate advisory, M&A, private equity, venture capital, business restructuring, projects, insolvency, banking and finance.

Dr. Aarti Gupta (DIN: 01668171)

Dr. Gupta's re-appointment is proposed for a second term of three consecutive years with effect from July 12, 2026, till July 11, 2029. She was initially appointed as a Non-Executive Independent Director on July 12, 2023. Dr. Gupta is a seasoned investment strategist serving as Chief Investment Officer at her family office (DM Gupta Family, JAGRAN Group) and Managing Partner at Anikarth Ventures.

Mr. Ajay Mankotia (DIN: 03123827)

Mr. Mankotia's re-appointment is proposed for a second term of three consecutive years with effect from July 12, 2026, till July 11, 2029. He was initially appointed as a Non-Executive Independent Director on July 12, 2023. Mr. Mankotia is a former Indian Revenue Service officer with 26 years of experience and previously served as President (Corporate Planning and Operations) at NDTV.

Board Evaluation and Recommendations

The Nomination and Remuneration Committee reviewed the performance evaluation framework covering attendance and participation in meetings, contribution to strategy, corporate governance, legal & compliance, environmental & social sustainability, and risk oversight. Based on their assessment of the directors' skills, experience, knowledge, continued valuable contribution, and performance during their first term, the committee recommended their re-appointment.

The Board of Directors, at their meeting held on January 21, 2026, approved the re-appointment of all three directors based on the Nomination and Remuneration Committee's recommendations, subject to shareholders' approval through special resolutions.

Voting Process and Compliance

In compliance with Ministry of Corporate Affairs General Circular Nos. 14/2020, 17/2020, and subsequent circulars, including the latest General Circular No. 03/2025 dated September 22, 2025, the postal ballot notice is being sent only through electronic mode to members whose e-mail addresses are registered with the Company/Depositories. The voting rights will be calculated based on shares registered in members' names as on the cut-off date of February 13, 2026.

Members can vote through remote e-voting or by submitting the postal ballot form to the Scrutinizer. However, if a member votes through both modes, the remote e-voting will prevail. The results will be declared by placing them along with the Scrutinizer's report on the company's website and will be communicated to the stock exchanges where the company's equity shares are listed.