Morgan Stanley raises stake in Jindal Saw to over 5%

Pipe maker Jindal Saw today said foreign fund house Morgan Stanley has raised its stake in the company to over five per cent following additional 2.44 per cent stake buying through open markets.

Morgan Stanley had 81.67 lakh shares, or 2.95 per cent, stake in Jindal Saw before the transaction held in BSE and NSE on December 31, it said in a regulatory filing.

The fund house bought additional 67.42 lakh shares, amounting to 2.44 per cent stake in the firm through "market purchase" taking its total shareholding to 5.39 per cent on

the last day of the calender year 2012.

According to bulk deal data available with the stock exchanges, Morgan Stanley purchased the shares at an average price of Rs 125.65 aggregating to Rs 84.72 crore.

Shares were bought by Morgan Stanley Aisa (Singapore) Pte, Morgan Stanley Mauritius Company and Morgan Stanley India Capital, it added.

Jindal Saw's scrips were trading at Rs 133.25 per share, up 0.76 per cent during the afternoon trade on the BSE over the previous closing.

Promoters had 46 per cent stake in Jindal Saw, as on September-end.

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