Galleon cuts India holdings, sells shares in Shriram EPC

Galleon cuts India holdings, sells shares in Shriram EPC
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First Published: Fri, Oct 23 2009. 10 49 PM IST
Updated: Fri, Oct 23 2009. 10 49 PM IST
Mumbai: Galleon Group Llc, whose co-founder Raj Rajaratnam faces insider trading charges in the US, raised $453,150 (around Rs2 crore) by cutting its investments in India, according to the National Stock Exchange.
New York-based Galleon sold 950,000 shares of engineering company Shriram EPC Ltd at Rs223 each to Indea Long Term Opportunities Master Fund, data from the bourse shows.
Galleon also holds shares in Pipavav Shipyards Ltd, a shipbuilder that had its trading debut in Mumbai this month, and has a 7% stake in Edelweiss Capital Ltd, a provider of financial services.
Shriram climbed 13% to Rs252.7 in Mumbai, its highest close in more than a year. Pipavav fell 0.1% to Rs55.3, while Edelweiss declined 0.1% to Rs502.
Galleon Group is exploring the sale of its unit in Asia among other options after founder Rajaratnam was charged last week by US federal prosecutors with insider trading, a person familiar with the matter said on Thursday on condition of anonymity.
Galleon, which managed about $3.7 billion, opened its Asian headquarters in Singapore last year. Rajaratnam has said he’s innocent of the charges.
Sanjay Santhanam, managing director and head of risk management at Galleon International Llc and a director on the board of Edelweiss, did not immediately respond to an email and calls made to his Singapore office.
Balaji Vaidyanathan, a spokesman at Edelweiss Capital, and Pipavav Shipyard’s chairman Nikhil Gandhi did not immediately reply to queries.
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First Published: Fri, Oct 23 2009. 10 49 PM IST