Citigroup Global raises stake in PSL to 5.38 pc

Mumbai: Foreign fund house Citigroup Global Market (Mauritius) Pvt Ltd increased its stake in steel pipes manufacturer PSL Ltd to 5.38 per cent.

Citigroup Global Markets acquired 3.22 lakh equity shares of the firm, increasing the total holding in the company to 28.74 lakh equity shares (approximately 5.38 per cent of the total paid up equity), PSL said in a filing with the Bombay Stock Exchange.
Citigroup Global Markets purchased 322,857 equity shares of PSL from the open market on September 3 for approximately Rs 5.27 crore, it said.

Total holding of Citigroup Global Markets' in PSL climbed up 28.74 lakh equity shares (approximately 5.38 per cent of the total paid up equity) after the latest purchase, it said.

PSL manufactures and supplies spiral welded pipes conforming to American Petroleum Institute (API) standards for oil, gas and water transmission, as well as structural and piling applications for both onshore and offshore sector.

Its subsidiaries include PSL Corrosion Control Services Limited, Pipeline Systems Limited and PSL USA Inc. PSL USA, Inc. and PSL-North America, LLC.

Shares of PSL closed at Rs 162.60, up 3.40 per cent from the previous close on the BSE.