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ArcelorMittal hikes stake in Uttam Galva to 33.8%

ArcelorMittal hikes stake in Uttam Galva to 33.8%
PTI
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First Published: Thu, Mar 25 2010. 01 34 PM IST
Updated: Thu, Mar 25 2010. 01 34 PM IST
New Delhi: ArcelorMittal on Thursday said it has acquired another 4.9% stake in steel maker Uttam Galva for an estimated Rs75-80 crore, taking the total shareholding in the domestic firm to 33.8%.
“We have completed the acquisition of 4.9% stake and now our total shareholding is 33.8% in Uttam Galva,” a company spokesperson told PTI.
Officials from Uttam Galva confirmed the development and estimated the deal to be around Rs75-80 crore.
“We have bought the 4.99% at the open offer price of Rs120 a share,” the ArcelorMittal spokesperson added.
However, it could not be ascertained when did the share sale happen. Uttam Galva had earlier hoped to conclude the deal by February-end.
Pursuant to the successful competition of the stake purchase by the world’s largest steel producer, Uttam Galva promoters —the Miglani family — now hold about 38% stake in the leading galvanised steel maker.
Last Month, ArcelorMittal had said that it had acquired 28.8% stake in Uttam Galva through the open offer launched earlier.
Initially, the NRI billionaire L N Mittal-led firm had entered into a share purchase agreement to buy 5.6% stake in Uttam Galva. But later, pursuant to changes in Uttam Galva’s equity structure, the promoters’ stake sale had come down to 4.9%.
The two companies had entered into a co-promotion pact last year.
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First Published: Thu, Mar 25 2010. 01 34 PM IST