JSW Steel promoter hikes stake in firm

JSW Investments bought 4.85 lakh shares and raised its stake to over 5%

JSW Investments, a promoter group firm of JSW Steel, has raised its stake in the steel-maker to over 5 per cent by buying 485,000 shares from the open markets.

JSW Investments had 4.92 per cent stake or 11.9 million shares in JSW Steel before the transactions held at National Stock Exchange in the first week of January, the steel-maker said in a BSE filing.

JSW Investments bought 285,000 shares on January 2 for Rs 28.99 crore and another 200,000 shares on January 3 for Rs 19.90 crore.

Following these transactions, JSW Investments had 5.12 per cent stake or 12.4 million shares in the firm, as on January 6.

The promoter group firm, which had 3.43 per cent stake in JSW Steel, as on September-end, has been acquiring shares from the open market. By December-end, it had already raised its stake to 4.10 per cent. By the same period, JSW Steel’s promoters held 37.31 per cent stake in the firm.

Jindal South West Holdings and Jindal Energy Investments are the two promoter group firms which have more than 5 per cent stake in the company.

JSW Steel’s shares were trading at Rs 1,023 apiece, down 1.09 per cent, during afternoon trade on the BSE today.