SBI, PNB, IDBI Bank, Allahabad Bank Sell Jindal Stainless Shares Worth Rs 94 Crore
Stainless steel strips pass through a cutting machine in Hisar, Haryana, India. (Photographer: Udit Kulshrestha/Bloomberg)

SBI, PNB, IDBI Bank, Allahabad Bank Sell Jindal Stainless Shares Worth Rs 94 Crore

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As many as four lenders, including State Bank of India and Punjab National Bank, on Thursday offloaded Jindal Stainless Ltd. shares worth nearly Rs 94 crore in open market transactions.

The other lenders that sold shares of the firm are Allahabad Bank and IDBI Bank.

According to the bulk deal data on NSE, a total of 2,42,52,851 shares were sold by the lenders at an average price of Rs 38.65 apiece. This took the total deal value to Rs 93.74 crore.

Meanwhile, Kotak Special Situations Fund bought 2,47,64,904 shares of Jindal Stainless for over Rs 95.7 crore, bulk deal data showed.

As per the shareholding data for September 2019 quarter, SBI and PNB are public shareholders and held 2.15 percent and 1.65 percent stake, respectively, in Jindal Stainless.

Shares of Jindal Stainless on Thursday closed 9.97 percent higher at Rs 41.9 on the NSE.

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