ArcelorMittal hikes stake in Uttam Galva to over 34 per cent

In a statement to the Bombay Stock Exchange, Uttam Galva said ArcelorMittal has acquired 3.52 crore shares from the open market at Rs120 a share at a cost of approximately Rs422 crore.

ArcelorMittal is buying the stake at a 10 per cent discount to Uttam Galva's current traded price of Rs107.85, which values the Indian steelmaker at Rs1,315 crore.

In September, the Luxembourg-based steel producer had signed a co-promotion agreement with Uttam Galva Steels Limited's promoter family headed by RK Miglani under which it would obtain broad joint control rights in Uttam Galva. (See: ArcelorMittal to take 35 per cent stake in Uttam Galva)