Jindal Stainless Limited — Capital/Financing Update 2020

Oct 30, 2020

30th October, 2020

BSE Limited Corporate Relationship Department. 1st Floor, New Trading Ring. Rotunda Building, P J Towers. Dalal Street, Fort. Mumbai - 400 001 Email: corp.relations@bseindia.com Security Code No.: 532508

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor. Plot no. C/1, G Block Bandra-Kurla Complex. Bandra (E). Mumbai-400051 Email: cmlist@nse.co.in Security Code No.: JSL

Kind Attn. Listing Section

Sub.: Disclosure under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("SEBI Listing Regulations").

Dear Sirs,

Pursuant to Regulation 32(1) of the SEBI Listing Regulations, please find enclosed herewith statement on utilization of funds raised by Jindal Stainless Limited ("the Company") through issue of 3,82,60,868 Convertible Equity Warrants ("Convertible Warrants") having face value of Rs. 2/- each at a price of Rs. 42.55 per warrant (including premium of Rs. 40.55 per warrant) allotted on 29^th September, 2020. The same has been reviewed by the Audit Committee of the Company at its meeting held today i.e. 30^th October, 2020.

As per the terms of issue of Convertible Warrants, the Company has received 33% of the issue price at the time of allotment and balance 67% of the issue price will be received on or before 18 months from the date of allotment of Convertible Warrants.

Please take the above information on record.

Thanking you,

Yours faithfully. For Jindal Stainless Limited

Navneet Raghuvanshi Company Secretary

Enclosed as above

Jindal Stainless Limited CIN: L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi - 110066, India Registered Office: O.P. Jindal Marg, Hisar - 125005 (Haryana) India T: +91 11 26188345, 41462000, 61462000 F: +91 11 41659169 E: info@iindalstainless.com Website: www.jindalstainless.com, www.jslstainless.com

Statement on utilization of funds for quarter ended 30th September, 2020

Name of listed entity				Jindal Stainless Limited
Mode of Fund Raising				Preferential Issue of 3,82,60,868 Convertible Equity Warrants
Date of Raising Funds				3,82,60,868 Convertible Equity Warrants were allotted on 29th
				September, 2020 and the same are not listed on any Stock
				Exchange.
Amount Raised				$\overline{\sim}$ Rs. 53.72 Crore
				(Equivalent to subscription money @ 33% of the issue price)
Report filed for Quarter ended				30th September, 2020
Monitoring Agency				Not applicable
Monitoring Agency Name, if applicable				Not applicable
Is there a Deviation / Variation in use of funds				No
raised
If yes, whether the same is pursuant to change				Not Applicable
in terms of a contract or objects, which was
approved by the shareholders
If Yes, Date of shareholder Approval				Not Applicable
Explanation for the Deviation / Variation					Not Applicable
Comments of the Audit Committee after review				Nil Nil
Comments of the auditors, if any Objects for which funds have been raised and where there has been a deviation, in the following table
Remarks if Modified Funds Utilised Amount Original Object Modified of Original
	Object, if Allocation			allocation,		Deviation	any
	any		if any			Variation for the
						quarter according
						to applicable
						object
utilize the To	Not	100%	Not		The funds raised	Nil -2	Nil
proceeds of the	Applicable		Applicable		by the Company
issue to augment					through issue of
the cash flows of					Convertible
the Company for					Equity Warrants
meeting its liabilities.					have been fully utilized.
strengthening
long term
working capital
and other general
corporate
Purposes.
Deviation or variation could mean:
Deviation in the objects or purposes for which the funds have been raised or a)
Deviation in the amount of funds actually utilized as against what was originally disclosed or b)
Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc C)
$\sum_{\sigma,\sigma}$
Name of Signatory				Navneet Raghuvanshi
Designation Date					Company Secretary 30th October, 2020

Jindal Stainless Limited

CIN: L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi - 110066, India Registered Office: O.P. Jindal Marg, Hisar - 125005 (Haryana) India T: +91 11 26188345, 41462000, 61462000 F: +91 11 41659169 E: info@jindalstainless.com Website: www.jindalstainless.com, www.jslstainless.com