Deutsche Securities Mauritius has bought 5.29 per cent stake in Jindal Saw (JSL), a diversified player in the Indian pipe segment, from the open market.
At Friday’s closing price of Rs 607.40 a share on NSE, the value of 5.29 per cent stake would come around Rs 167 crore. Merril Lynch and Morgan Stanely are the other foreign investors holding stake in the company.
The company, which makes pipes to transport water, oil and gas, and sewerage systems, has received accreditation from various oil and gas majors in the US, Middle East and South East Asia. JSL is increasing its capacity to 2.05mtpa from 1.25mtpa by 2008 across all products such as SAW, seamless and DI pipes.
The company’s order book stands at $1,090 million, which will be executed by February 2009. The order book break-up is: SAW pipes - $860 million, seamless pipes - $65 million and DI pipes - $165 million.
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