ArcelorMittal shareholding in Uttam Galva transferred to group firm

Though ArcelorMittal so far has not commented on its exit from Uttam Galva Steels, sources said it wanted to put to rest all questions raised around Section 29A

The shareholding of ArcelorMittal Netherlands BV in Uttam Galva Steels has been transferred to Sainath Trading Company, a co-promoter group company, by way of inter-se transfer.

Uttam Galva has informed the stock exchanges that consequent upon the inter-se transfer, the co-promotion agreement, dated September 4, 2009, has been terminated. ArcelorMittal’s 41,327,931 equity shares in Uttam Galva Steels translate into a shareholding of 29.05 per cent.

In 2009, ArcelorMittal had bought the Uttam Galva shares at Rs 120 a share. However, the inter-se transfer happened at Rs 1 a share. The Uttam Galva stock on Thursday closed at Rs 20.50 on