Global financial services major Morgan Stanley has offloaded almost all its stake in the pipe maker -- Jindal Saw -- through open market operations. Morgan Stanley sold 1,48,74,295 shares or 5.3848% stake in the company. Following the sale, Morgan Stanley now holds 1,092 shares in Jindal Saw amounting to 0.0004% stake.
As of September 31, 2013, the promoters holding in the company stood at 46.27% while institutions and non-institutions held 29.88% and 23.85% stake in the company, respectively.
Jindal Saw is in a commanding position in India’s tubular market, being the undisputed leader with a turnover in excess of Rs 7,000 crore. The business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes. Every SBU has its own dedicated sales and marketing targets and operations.
