Uttam Galva makes open offer on ArcelorMittal's behalf
Wednesday, September 09, 2009 (15:44:21) Tags: Business, Iron and Steel, ArcelorMittal
Mumbai: Indian steel producer Uttam Galva today made an open public offer to acquire 29.4 percent of its shares on behalf of global steel giant ArcelorMittal at Rs.120 per share amounting to Rs.422.71 crore ($87.26 million).
Earlier this month, ArcelorMittal had inked a deal with Uttam Galva to become co-promoters of Uttam Galva and picked up a 5.6 percent stake.
It plans to up its stake to 35 percent as per the agreement.
Uttam Galva, which is a leading producer of cold rolled steel, galvanised products and colour coated coils and sheets, has also said it would sell ArcelorMittal shares if the open offer was not fully subscribed. (IANS)