Naveen Jindal hikes stake in JSPL

Jindal Steel and Power (JSPL) today said its Chairman Naveen Jindal has increased stake in the company by 0.5% for Rs 16.89 crore through open market transactions.

In an exchange filing, the steel and power producer said Jindal had increased his stake in two tranches on March 21 and March 22 to hike his shareholding in the company from 0.41% earlier to 0.46% now.

Jindal, who had 38,10,714 shares in the company, bought 2,00,226 shares on March 21 for Rs 6.86 crore.

On March 22, he again bought 2,85,000 shares in the firm for Rs 10.03 crore. Post these transactions, he has 42,95,940 shares in JSPL.

JSPL said shares of the company were bought through open market transactions on the National Stock Exchange.

Promoters held 59.02% stake in JSPL as on end of 2012.

Shares of the company today settled at Rs 351.90 a piece, up 3.11% over the previous closing in the BSE.