Old Jindal Shares: What JVSL, JISCO and Jindal Strips Certificates Are Worth Today

Somewhere in your house — in a locker, a steel almirah, or a file that belonged to your father — there may be a share certificate with the name Jindal on it.

Jindal Vijayanagar Steel. Jindal Iron & Steel Company. Jindal Strips. Jindal Steel & Power. Perhaps Ispat Industries, or an envelope from Jindal South West Holdings that nobody opened. These are the companies that became today’s JSW Steel, Jindal Steel and Jindal Stainless.

The number printed on that certificate is almost certainly not the number of shares you own — and with Jindal, it can be wrong in either direction. 100 Jindal Vijayanagar Steel shares are only about 40 JSW Steel shares today, because every holding was cut in 2005. But 100 Jindal Iron & Steel shares are 1,000 JSW Steel shares plus 25 JSW Holdings shares — about ₹15.5 lakh. And 100 Jindal Steel & Power shares from before 2004 are 6,000 Jindal Steel shares — about ₹68 lakh.

This page gives you the exact figure for every Jindal merger, demerger, split and bonus. Every number comes from the companies’ own records, their filings with the stock exchanges, and NSE records. Prices are NSE closing prices of 22 September 2026: JSW Steel about ₹1,267, JSW Holdings about ₹11,219, Jindal Steel about ₹1,141, Jindal Stainless about ₹743 and Nalwa Sons about ₹5,524.

Find the name on your certificate in the table below and go to your section. Then read what it takes to actually get these shares into your demat account — the calculation is the easy part.

Which Jindal company is on your certificate?

Start with the exact company name printed on the certificate — it decides everything else. The Jindal family of companies has been merged, split and renamed so often that two certificates saying “Jindal” can lead to completely different answers.

Is Jindal Steel the same company as JSW Steel?

No. JSW Steel and Jindal Steel are separate listed companies, and a certificate of one gives you nothing in the other. Both grew out of the O.P. Jindal group, which is why the names get mixed up.

• JSW Steel (NSE: JSWSTEEL) is the former Jindal Vijayanagar Steel, with Jindal Iron & Steel and Ispat Industries merged into it. Its registrar is KFin Technologies in Hyderabad.
• Jindal Steel (NSE: JINDALSTEL) is the former Jindal Steel & Power. It changed its name to Jindal Steel Limited in August 2025. Its registrar is Alankit Assignments in New Delhi.
• Jindal Stainless (NSE: JSL) is a third company, which took over the stainless steel business of Jindal Strips in 2003.

If a relative always called their holding “Jindal Steel”, check the certificate itself. Older family members often used that name for Jindal Vijayanagar Steel or Jindal Iron & Steel — which are JSW Steel today.

What happened to Jindal Vijayanagar Steel shares?

Jindal Vijayanagar Steel was renamed JSW Steel in 2005 — but in the same restructuring, every 100 JVSL shares were cut to 4.375 new shares. After JSW Steel’s 2017 split, 100 JVSL shares are about 40 JSW Steel shares today, worth about ₹50,680.

JVSL was set up in the 1990s to build the steel plant at Toranagallu, near Bellary in Karnataka. The project carried heavy debt, and the company’s lenders approved a restructuring package. In 2005 a scheme sanctioned by the Bombay and Karnataka High Courts did three things at once: it merged the steel business of Jindal Iron & Steel into JVSL, moved Jindal Iron & Steel’s investments into a new company, and reorganised JVSL’s own share capital.

For people already holding JVSL shares, the company’s own records describe the reorganisation in two steps:

• 40% of every holding was converted into preference shares, which then came back as one equity share for every four. So 40 of every 100 shares became 10.
• The face value of each share was cut from ₹10 to 62.5 paise, and every 16 of those small shares were combined into one new ₹10 share.

The result, confirmed in the company’s own exchange filing of 11 February 2005: a shareholder with 100 JVSL shares on the record date of 28 February 2005 got 4.375 shares. The totals match — JVSL’s 129.1 crore shares became 5.65 crore.

Nothing else changed until JSW Steel split each ₹10 share into ten ₹1 shares in January 2017. So every 100 old JVSL shares are 43.75 JSW Steel shares on paper — and about 40 in practice, because a fraction of a share was not issued as a share.

Why some websites get this about 23 times wrong

JVSL did become JSW Steel, so it is tempting to treat it as a simple change of name — 100 JVSL shares, times ten for the 2017 split, equals 1,000 JSW Steel shares. That is 23 times too many. A claim filed for 1,000 shares on a 100-share JVSL folio will be answered with 40, and the back-and-forth that follows costs months.

The 2005 warrants have expired

JVSL shareholders also received one warrant for every 112 shares held on the record date. Each warrant allowed the holder to buy one JSW Steel share at ₹160. The window to use them ran from 21 November to 31 December 2005; warrants not used by then expired. A warrant certificate found in the file today is not a share.

Partly-paid JVSL shares may have been forfeited

Some JVSL shares were issued partly paid, with the balance due later as “call money”. According to the company’s own records, about 20.7 crore JVSL shares were forfeited in 2000–01 because the call money was not paid. The company later reversed the forfeiture for a small number of holders who proved they had paid. If your certificate or allotment letter shows an unpaid call, the register will say whether those shares still exist — and any old payment receipt matters.

What did Jindal Iron & Steel (JISCO) shareholders get?

JISCO shareholders received shares in two companies: one JVSL share for every JISCO share, and one Jindal South West Holdings share for every four JISCO shares. Those companies are JSW Steel and JSW Holdings today. 100 JISCO shares are 1,000 JSW Steel shares and 25 JSW Holdings shares — together about ₹15.5 lakh.

JISCO was the group’s cold-rolling and galvanising company in Maharashtra. Under the same 2005 scheme, its steel business merged into JVSL and its investment business was moved into Jindal South West Holdings. JISCO itself was dissolved. Shareholders on the record date of 25 February 2005 were allotted:

• 1 JVSL (now JSW Steel) share of ₹10 for every 1 JISCO share — according to JSW Steel’s own records, 4,39,98,500 shares in all. JISCO holders did not get the JVSL warrants, and their shares were not cut: the 4.375 reduction applied only to people who already held JVSL.
• 1 Jindal South West Holdings share of ₹10 for every 4 JISCO shares — 1,09,99,625 shares, according to JSW Holdings’ own listing document of 2005. That figure is exactly a quarter of JISCO’s share count.

JSW Steel’s 2017 split then multiplied the first part by ten. Jindal South West Holdings was renamed JSW Holdings in 2013 and has issued no bonus or split since its shares were listed in 2005.

The JSW Holdings shares most families never noticed

JSW Holdings’ 2005 listing document says the new shares were credited to demat accounts where the company had the details — and that the remaining shareholders were allotted shares in physical form. So a family that held JISCO on paper was sent a separate JSW Holdings certificate, which may still be in the file, or may never have arrived.

At about ₹11,219 a share, those 25 JSW Holdings shares on a 100-share JISCO folio are worth about ₹2.8 lakh on their own. They sit in a separate company, with its own register, its own dividend history and — if they went to the IEPF — their own IEPF claim. Nothing on a JSW Steel statement will tell you they exist.

What happened to Ispat Industries and JSW Ispat shares?

JSW Ispat Steel — formerly Ispat Industries — merged into JSW Steel in June 2013, at 1 JSW Steel share for every 72 JSW Ispat shares. After the 2017 split, 72 old Ispat shares are 10 JSW Steel shares today.

The company began as Nippon Denro Ispat, which NSE records show was renamed Ispat Industries in 1996. After JSW took control, it was renamed JSW Ispat Steel in August 2011. The merger scheme became effective on 1 June 2013, and JSW Steel fixed 12 June 2013 as the record date. Holders of its 0.01% preference shares received the same number of JSW Steel preference shares.

JSW Steel’s filing on the merger says no fractional shares were issued: fractions were pooled, sold by a trustee, and the cash was paid to the shareholders. So small holdings got a few shares plus a cheque.

What about Monnet Ispat shares?

Monnet Ispat & Energy is part of JSW Steel today, but old Monnet shareholders lost most of their holding in 2018, before any JSW shares were issued.

Monnet went through insolvency. On 24 July 2018 the National Company Law Tribunal approved a resolution plan from a consortium of JSW Steel and AION, and the company’s old share capital was reduced and consolidated, with a record date of 30 August 2018. It was renamed JSW Ispat Special Products in 2020 and merged into JSW Steel in 2023, at 1 JSW Steel share of ₹1 for every 21 shares (record date 10 August 2023).

Because the 2018 reduction came first, an old Monnet certificate carries far fewer JSW Steel shares than its face count suggests. The exact number depends on how the 2018 reduction was applied to that folio, which the register shows.

Has JSW Steel ever issued bonus shares?

No. JSW Steel has never issued a bonus. Its only change to the share count since 2005 is the January 2017 split, when each ₹10 share became ten ₹1 shares. The record date was 5 January 2017. Anyone who held JSW Steel shares on that date — including every former JVSL, JISCO and Ispat holder — has ten times as many today.

JSW Steel also absorbed three companies in 2005 — Euro Ikon Iron & Steel, Euro Coke & Energy and JSW Power. These were private companies, so no public certificate holder is affected.

JSW Steel’s register is kept by KFin Technologies in Hyderabad, the company’s registrar and share transfer agent. Here is how recovery works when the registrar is in Hyderabad.

How many Jindal Steel shares do old Jindal Steel & Power shares become?

Sixty for every share held before December 2003. Jindal Steel & Power split its shares twice and issued a 5-for-1 bonus, so 100 shares held before December 2003 are 6,000 Jindal Steel shares today — about ₹68.5 lakh.

The company was incorporated in 1979 as Orbit Strips and renamed Jindal Steel & Power in June 1998, when it took over the Raigarh and Raipur divisions of Jindal Strips under a scheme approved by the Punjab and Haryana High Court. Its shares were listed in 1999 and 2000. In August 2025 it changed its name to Jindal Steel Limited. It is the same company throughout, so the renaming does not change your count.

Three events changed the number of shares, all confirmed by the company’s exchange filings and NSE records:

• December 2003: each ₹10 share split into two ₹5 shares (record date 29 December 2003).
• January 2008: each ₹5 share split into five ₹1 shares.
• September 2009: a bonus of 5 new shares for every 1 held.

Jindal Steel’s register is kept by Alankit Assignments in New Delhi. Here is how share recovery works in Delhi.

If your Jindal Strips certificate is older than 1998

Jindal Strips shareholders at the time of the 1998 scheme were also allotted Jindal Steel & Power shares — and those are the shares that have multiplied most since. That allotment took place before the online exchange archives begin, so it has to be read from the register for your folio. If your Jindal Strips certificate dates from before 1998, check for a Jindal Steel & Power folio in the same name.

What happened to Jindal Strips shares?

In 2003 Jindal Strips moved its stainless steel business into Jindal Stainless, and each Jindal Strips shareholder received about one Jindal Stainless share for every Strips share — plus a smaller holding in Jindal Strips itself, which was renamed Nalwa Sons Investments in 2005. 100 Jindal Strips shares from 1998–2003 are about 1,475 Jindal Stainless shares and 27 Nalwa Sons shares today — together about ₹12.5 lakh.

The record date was 16 September 2003. According to the exchange filing, for every 2,365 Jindal Strips shares, a shareholder received:

• 1,723 Jindal Stainless shares of ₹10, and
• 642 new Jindal Strips shares of ₹10 in place of the old ones.

Under the same scheme, Jindal Stainless issued a bonus of 253 shares for every 679. Jindal Stainless’ own records show that this bonus was calculated on the shares just allotted to Jindal Strips holders as well. And 1,723 shares plus that bonus comes to exactly 2,365. So each old Jindal Strips share became one ₹10 Jindal Stainless share, plus 0.27 of a new Jindal Strips share.

Jindal Strips, left holding investments, was renamed Nalwa Sons Investments in June 2005. Its share count has barely changed since, at about 51 lakh shares. The Jindal Stainless shares then went through the three events in the next section, which turn each of them into 14.75 shares today.

Small fractions at each step were not issued as shares, so an exact folio can be a few shares lower.

How many Jindal Stainless shares do old certificates become?

Each Jindal Stainless share held before November 2015 is 2.95 Jindal Stainless shares today, and each ₹10 share from 2003–04 is 14.75.

Jindal Stainless was incorporated in 1980 as Jindal Ceramics, renamed Jindal Int.com in 2001 and Jindal Stainless in 2003. For a few years it traded as JSL Stainless Ltd, before NSE records show the name changed back to Jindal Stainless Limited in December 2011. All of these are one company. Three events changed the share count:

• March 2004: each ₹10 share split into five ₹2 shares.
• November 2015: the Hisar business was demerged into a new company, Jindal Stainless (Hisar) Ltd. Shareholders on the record date of 21 November 2015 received 1 Hisar share for every Jindal Stainless share — and kept their Jindal Stainless shares.
• March 2023: Jindal Stainless (Hisar) merged back into Jindal Stainless at 1.95 Jindal Stainless shares for every Hisar share (record date 9 March 2023), according to Jindal Stainless’ own records and its allotment filing.

The order matters. The 2004 split came first, so it applies to both halves. The 1.95 ratio applies only to the Hisar shares. A holder of 100 Jindal Stainless shares in 2015 kept those 100, received 100 Hisar shares, and those became 195 — 295 in all.

The quick-reference multiplier

Find the name on the certificate and the date it was held, then multiply. Fractions of a share were not issued as shares, so small folios come out slightly lower.

Which “Jindal” certificates are NOT these companies?

Several listed companies carry the Jindal or JSW name but never issued shares to JSW Steel, Jindal Steel or Jindal Stainless holders. A certificate from one of these is its own claim, with its own registrar.

• Jindal Poly Films (formerly Jindal Polyester) and Jindal Photo (formerly Jindal Photo Films) belong to a different Jindal business family.
• Jindal Saw (formerly Saw Pipes, renamed 2005) is a separate company. Its certificates do not convert into any of the companies above.
• Jindal Drilling & Industries, Jindal Worldwide, Jindal Hotels, Jindal Capital and Jindal Leasefin are separate companies.
• JSW Energy, JSW Infrastructure and JSW Cement are separate listed companies. JSW Steel shareholders did not receive their shares in a demerger.
• JSW Dulux is the former Akzo Nobel India, renamed in April 2026 — an ICI or Akzo Nobel certificate, not a Jindal one.

So you have a number. Now the hard part.

Working out your entitlement is the only easy step. If those shares were sitting in a demat account, you would not be reading this. Usually one of these is true.

You never received — or never exchanged — the new certificates

A JISCO family should have received JSW Steel certificates and a separate JSW Holdings certificate in 2005, and new ₹1 certificates after the 2017 split. A JVSL family should have received new certificates for its reduced holding. Many of those envelopes never arrived. When a certificate comes back undelivered, the shares are not lost — they are moved into the company’s unclaimed suspense account, where they wait until the holder claims them.

Before any request is processed, the holder’s KYC must be on file with the registrar: PAN, specimen signature, bank account, address and mobile number (Form ISR-1 and its companion forms). Since SEBI’s circular of 30 January 2026, shares are credited straight to your demat account. Open a demat account in exactly the name on the certificate before you start.

Your shares have gone to the IEPF

When a dividend goes unclaimed for seven years in a row, the shares themselves move to the IEPF. JSW Steel pays a dividend every year, so a closed bank account or an old address is enough to send the shares there. The claim runs in three steps: first get an entitlement letter from the company through KFin, with your KYC; then file Form IEPF-5 on the Ministry of Corporate Affairs website; then send the signed documents to the company’s Nodal Officer, who verifies the claim and reports to the IEPF Authority. Here is how Form IEPF-5 works, and why claims sit pending for months.

Remember that JSW Steel, JSW Holdings, Jindal Steel, Jindal Stainless and Nalwa Sons are separate claims, each with its own entitlement letter and verification.

The certificate is lost

A duplicate is possible, and SEBI has simplified the paperwork. The current rules for a lost share certificate are here.

The original holder has died, or the name does not match

The certificate may be in the name of a parent or grandparent. Or it says “S. K. Agarwal” and your PAN says “Suresh Kumar Agarwal”. Each is its own procedure: transmission after a death, and fixing a name or signature mismatch.

Your dividends are unclaimed too

On an old Jindal holding the dividends add up quickly. For 2021–22 alone, JSW Steel’s dividend was ₹17.35 a share — about ₹1.7 lakh on the 10,000 JSW Steel shares that 1,000 old JISCO shares have become. The last seven years’ dividends are still with the company; older ones have gone to the IEPF. Here is how unclaimed dividends are recovered.

Why not just hand the certificate to a local lawyer or agent?

Because a certificate is only worth what is traced behind it — and with Jindal, the tracing can move the answer by a factor of twenty in either direction.

Take a family with 100 Jindal Vijayanagar Steel shares. A generalist sees “JVSL became JSW Steel”, multiplies by ten for the split and files for 1,000 shares. The folio holds about 40. The claim comes back, and months are lost correcting it.

Now take a family with 100 Jindal Iron & Steel shares. The same generalist recovers 1,000 JSW Steel shares and stops. The 25 JSW Holdings shares — about ₹2.8 lakh — are never found, because they sit in a different company that appears on no JSW Steel document. The family is back in the queue for the rest a few years later, if it ever finds out.

We work the other way round. We trace the complete holding first — every company the certificate turned into, every folio, every IEPF transfer. Then a vetted local partner handles the paperwork where you live, on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So the only thing we are paid for is the whole chain working.

And the document is the start, not the finish. After the certificate come the KYC, the verification at the registrar, the demat credit, a second or third folio in a sister company, an IEPF-5 claim for each company if the shares have gone to the IEPF, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares. See how our share recovery service works.

Dates you should know about

1 September 2026 has just passed. That was the due date for moving JSW Steel’s unclaimed dividend of 2018–19 to the IEPF. Shares whose dividends had gone unclaimed for seven years in a row move with it. If nobody has claimed a JSW Steel dividend on your folio since 2019, the shares may already be with the IEPF.

30 August 2027 is the next JSW Steel transfer, for the unclaimed dividend of 2019–20. Claiming a dividend before then keeps the shares with the company.

4 February 2027 is when SEBI’s special window for old physical transfers closes. It covers transfer deeds signed before 1 April 2019 that were rejected, returned or never processed — for example, Jindal shares bought on paper and never registered in your own name. The full rules of the window are here.

Holding old steel shares from other groups too? Here is what old Tata Steel (TISCO) shares are today.

Not sure what your certificate is worth? Start with Find Your Shares →

Frequently Asked Questions

What happened to Jindal Vijayanagar Steel shares?
Jindal Vijayanagar Steel (JVSL) was renamed JSW Steel in 2005. Under the same court-sanctioned scheme, JVSL’s share capital was reorganised: a shareholder with 100 JVSL shares on the record date of 28 February 2005 received 4.375 new shares. JSW Steel then split each ₹10 share into ten ₹1 shares in January 2017. So 100 old JVSL shares are about 40 JSW Steel shares today.

How many JSW Steel shares do 100 JVSL shares become?
About 40. The 2005 reorganisation turned 100 JVSL shares into 4.375 shares of ₹10, and the 2017 split multiplied that by ten, giving 43.75 on paper; a fraction of a share was not issued as a share. 1,000 JVSL shares are about 430 JSW Steel shares today. Treating JVSL to JSW as a simple name change gives 1,000 for every 100, which is about 23 times too many.

What did Jindal Iron & Steel (JISCO) shareholders get?
Two things. Shareholders on the record date of 25 February 2005 received 1 JVSL (now JSW Steel) share for every JISCO share, and 1 Jindal South West Holdings (now JSW Holdings) share for every 4 JISCO shares. JISCO holders were not affected by the 4.375 reduction and did not receive warrants. After JSW Steel’s 2017 split, 100 JISCO shares are 1,000 JSW Steel shares and 25 JSW Holdings shares.

Did JISCO shareholders get JSW Holdings shares?
Yes — 1 share of Jindal South West Holdings for every 4 JISCO shares, in 2005. The company was renamed JSW Holdings in 2013 and has issued no bonus or split since listing. Shareholders without demat details were allotted these shares in physical form, so many families have a separate JSW Holdings certificate or folio they have never noticed. It is a separate company and, if the shares went to the IEPF, a separate claim.

Has JSW Steel ever issued bonus shares?
No. JSW Steel has never issued a bonus. Its only change to the share count since 2005 was the split of each ₹10 share into ten ₹1 shares, with a record date of 5 January 2017.

What was the JSW Ispat merger ratio?
1 JSW Steel share of ₹10 for every 72 JSW Ispat Steel shares of ₹10, with a record date of 12 June 2013. JSW Ispat was formerly Ispat Industries, and before that Nippon Denro Ispat. Fractions were pooled and sold by a trustee, and the cash paid to shareholders. After the 2017 split, 7,200 old JSW Ispat shares are 1,000 JSW Steel shares today.

Is Jindal Steel the same company as JSW Steel?
No. JSW Steel is the former Jindal Vijayanagar Steel, and its registrar is KFin Technologies. Jindal Steel is the former Jindal Steel & Power, renamed Jindal Steel Limited in August 2025, and its registrar is Alankit Assignments. They are separate listed companies with different share histories; shares of one give you nothing in the other.

How many Jindal Steel shares do old Jindal Steel & Power shares become?
Jindal Steel & Power split each ₹10 share into two ₹5 shares in December 2003, split each ₹5 share into five ₹1 shares in January 2008, and issued a bonus of 5 shares for every 1 in September 2009. So 100 shares held before December 2003 are 6,000 Jindal Steel shares today, 100 held between December 2003 and January 2008 are 3,000, and 100 held between January 2008 and September 2009 are 600.

What happened to Jindal Strips shares?
In 2003 the stainless steel business of Jindal Strips moved to Jindal Stainless. For every 2,365 Jindal Strips shares, shareholders received 1,723 Jindal Stainless shares and 642 new Jindal Strips shares, and a Jindal Stainless bonus of 253 for 679 then brought the Jindal Stainless shares to one for every old Strips share. Jindal Strips was renamed Nalwa Sons Investments in 2005. 100 Jindal Strips shares from 1998 to 2003 are about 1,475 Jindal Stainless and 27 Nalwa Sons shares today.

What happened to Jindal Stainless (Hisar) shares?
Jindal Stainless (Hisar) was demerged from Jindal Stainless in November 2015, at 1 Hisar share for every Jindal Stainless share. It merged back into Jindal Stainless in March 2023 at 1.95 Jindal Stainless shares for every Hisar share, with a record date of 9 March 2023. So 100 Hisar shares are 195 Jindal Stainless shares today.

Who is JSW Steel’s registrar?
KFin Technologies Limited, Hyderabad, is JSW Steel’s registrar and share transfer agent. Requests about physical certificates, KYC updates, unclaimed dividends and IEPF entitlement letters go through KFin. Jindal Steel’s registrar is Alankit Assignments in New Delhi.

How do I claim JSW Steel shares from the IEPF?
First obtain an entitlement letter from JSW Steel through its registrar, KFin Technologies, by submitting your KYC and supporting documents. Then file Form IEPF-5 on the Ministry of Corporate Affairs website, and send the signed form, the indemnity bond and the listed documents to JSW Steel’s Nodal Officer. The company verifies the claim and reports to the IEPF Authority, which releases the shares to your demat account.

When will unclaimed JSW Steel shares next move to the IEPF?
JSW Steel’s unclaimed dividend of 2018–19 was due to move to the IEPF on 1 September 2026, and the unclaimed dividend of 2019–20 is due on 30 August 2027. Shares on which no dividend has been claimed for seven consecutive years move to the IEPF with them. Claiming a dividend before the transfer date keeps the shares with the company.