Galleon exits Edelweiss; sells 7% stake for Rs 255.54 cr

Galleon Group LLC, the US hedge fund whose founder Raj Rajaratnam has been charged with insider trading, has exited domestic brokerage firm Edelweiss Capital by selling entire 7.02 per cent stake in the company.

Galleon Group, through its various arms, sold its entire holding in Edelweiss Cap for Rs 255.54 crore through open market transactions, the bulk deal data available on the Bombay Stock Exchange (BSE) showed.

Galleon, through its funds Galleon International Master Fund and Galleon Special Opportunities Master Fund, sold 52.68 lakh shares of Edelweiss Cap at a price of Rs 485 a piece.

As per the September quarter shareholding available on the BSE, Galleon International Master Fund held 4.42 per cent and Galleon Special Opportunities Master Fund held 2.60 per cent stake in Edelweiss Capital.

In another bulk deal, promoters of Edelweiss Capital -- Rashesh Chandrakant Shah and Venkat Ramaswamy -- bought 21.13 lakh shares, representing 2.81 per cent stake in firm, for Rs 102.52 crore, the data showed.

Switzerland-based Privatbank IHAG Zürich bought 26 lakh shares of Edelweiss Capital at Rs 485 per share, while Reliance MF has purchased 8 lakh shares worth Rs 38.80 crore.

Billionaire Raj Rajaratnam and five others, last month, were arrested by the US authorities in connection with alleged insider-trading fraud estimated to be $20 million.

Shares of Edelweiss Capital closed at Rs 485.25 on the BSE, up 0.86 per cent from its previous close.