LIC, Bank of Baroda to Canara Bank: This penny stock is owned by 5 PSU stocks

Multibagger penny stock: GTL Infrastructure shares are one of the multibagger stocks that the Indian stock market has delivered in the last one year. This penny stock has ascended from ₹0.85 to ₹1.85 per share level NSE, delivering over 115 percent return to its long-term shareholders. It would interesting for stock market investors to know that a good number of state-owned companies have a shareholding in this penny stock. As per the shareholding pattern of GTL Infrastructure Ltd for the October to December 2023 quarter, PSU companies like Life Insurance Corporation (LIC) of India, Bank of Baroda (BoB), Canara Bank, Central Bank of India, and Union Bank of India. These PSU stocks own over 1 percent stake in this penny stock.

LIC shareholding in GTL Infrastructure

As per the shareholding pattern of GTL Infrastructure Limited for Q3FY24, LIC owns 42,61,77,058 shares of GTL Infra, which is 3.33 percent of the total paid-up capital of the company. In the July to September 2023 quarter, LIC owned the same number of stocks in this penny stock. This means the insurance behemoth of India remained steady in this penny stock during the October to December 2023 quarter.

BoB shareholding in GTL Infrastructure

In the shareholding pattern of GTL Infrastructure Ltd for the October to December 2023 quarter, Bank of Baroda owns 72,79,74,981 shares of GTL Infra, which is 5.68 percent of the total paid-up capital of the company. In the shareholding pattern of the previous quarter, this PSU bank owned the same number of GTL Infra stocks, which means the state-owned bank remained steady in this penny stock during Q3FY24.

Canara Bank shareholding in GTL Infrastructure

In the shareholding pattern of GTL Infrastructure Ltd for Q3FY24, Canara Bank owns 51,91,15,428 GTL Infra shares or 4.05 percent stake in the company. In the July to September 2023 quarter, Canara Bank owned the same number of stocks in this company and this PSU company too remained steady in this penny stock during the recently ended quarter.

Central Bank shareholding

As per the shareholding pattern of GTL Infrastructure Limited for the October to December 2023 quarter, the Central Bank of India owns 94,21,54,365 or 7.36 percent stake in this penny stock. Comparing the shareholding pattern of GTL Infra for the July to September 2023 quarter, the Central Bank of India owned the same 7.36 percent shares in this penny stock.

Union Bank of India shareholding

As per the shareholding pattern of GTL Infrastructure Ltd for Q3FY24, Union Bank of India owns 1,54,62,71,529 shares or 12.07 percent stake in this penny stock. This PSU bank owned the same 1,54,62,71,529 shares or 12.07 percent stake in GTL Infra at the end of the September 2023 quarter.

It would be interesting to know that the above-mentioned PSU companies remained steady in this penny stock despite the Central Bureau of Investigation (CBI0 filing an FIR against GTL Infrastructure for ₹4,063 crore bank fraud. This was the second FIR that CBI filed against the GTL Infra. In January 2023, the CBI filed its first FIR against GTL Infra labeling ₹4,500 crore bank fraud against the company directors.

It is also important to note that PSU banks own stake in this penny stock GTL Infra as these shares are cause of the loan default by the company. The loan default has been converted into the shares, which these PSU banks are currently owning. So, stock market investors are advised to keep this in mind as shareholding pattern just reflects shares own by the compnay not the source thorugh which these shares have come to the pocket of a shareholder.

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