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Our Bureau

Mumbai, Feb. 1

Mr Lakshmi Mittal-owned global steel giant ArcelorMittal has raised its stake in Mumbai-based secondary steel producer Uttam Galva to 34.42 per cent. ArcelorMittal acquired 29 per cent stake valued at Rs 422 crore through an open offer. In October, the company bought 5.6 per cent stake in Uttam Galva from the promoters and launched an open offer to buy additional 29 per cent stake at Rs 120 a share.

The open offer, managed by SBI Capital Markets on behalf of ArcelorMittal Netherlands BV, began on December 19, 2009 and closed on January 7, 2010.

Uttam Galva's promoters held 44.2 per cent as on December 2009. Last year, Uttam Galva agreed to ArcelorMittal coming in as a co-promoter. The deal provides an impetus to ArcelorMittal, whose promoter Mr Mittal has been trying to set up greenfield projects in India for over three years, with investments of over $10 billion. On Monday, Uttam Galva shares on BSE were up 2 per cent at Rs 106.

More Stories on : Mergers & Acquisitions | Steel

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