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Thursday, March 25, 2010

ArcelorMittal hikes stake in Uttam Galva to 33.8%

ArcelorMittal today said it has acquired another 4.9 per cent stake in steel maker Uttam Galva for an estimated Rs 75-80 crore, taking the total shareholding in the domestic firm to 33.8 per cent.

"We have completed the acquisition of 4.9 per cent stake and now our total shareholding is 33.8 per cent in Uttam Galva," a company spokesperson told PTI.

Officials from Uttam Galva confirmed the development and estimated the deal to be around Rs 75-80 crore.

"We have bought the 4.99 per cent at the open offer price of Rs 120 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 per cent stake in the leading galvanised steel maker.

Last Month, ArcelorMittal had said that it had acquired 28.8 per cent 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 per cent 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 per cent.

The two companies had entered into a co-promotion pact last year.

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