SBI Mutual Fund and GQG Partners Acquire Stake in JSW Steel

SBI Mutual Fund and GQG Partners acquired a 1.02% stake in JSW Steel for Rs 3,150 crore from JSW Energy. The transaction increases SBI's holding in JSW Steel to 1.57% and decreases JSW Energy's share. The sale is part of JSW Energy's strategy to release liquidity and improve capital allocation.

In a strategic financial move, SBI Mutual Fund and US-based GQG Partners have purchased a combined 1.02% stake in Mumbai-based JSW Steel from promoter JSW Energy Ltd, the companies announced on Monday. The acquisition, completed through open market transactions, amounted to Rs 3,150 crore.

SBI Mutual Fund acquired 1 crore shares, equating to a 0.41% stake in the steel giant, while GQG Partners secured 1.5 crore shares, translating to a 0.61% stake. This purchase increased SBI's total stake in JSW Steel to 1.57%, while JSW Energy's shareholding decreased to 1.84% from a previous 2.86%.

JSW Energy indicated that the sale, part of its strategic liquidity release plan, aims to enhance capital allocation and long-term value creation for shareholders. Following the transaction, JSW Steel shares saw a modest rise, closing nearly 1% higher at Rs 1,289 on the National Stock Exchange.