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Shares of Uttam Galva Steels hit a 5 per cent upper circuit limit of Rs 6 apiece on the BSE on Monday amid reports ArcelorMittal is likely to bid for the company, which was admitted to the National Company Law Tribunal (NCLT) recently, and whose co-promoter it once was.
The NCLT Mumbai Bench on October 1 admitted a petition filed by State Bank of India (SBI) under the Insolvency and Bankruptcy Code (IBC), according to a report by Business Standard.
People in the know said ArcelorMittal would bid for the company. However, the company declined to comment. Going through the
