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Uttam Galva Steels, in which the world’s largest steel maker ArcelorMittal has 33.80 per cent stake, today said it has raised Rs 76.14 crore through placement of shares to Mauritius-based Albula Investment Fund.
Albula had 12,88,500 shares or 0.9058 per cent stake in Uttam Galva Steels before the transaction was held on March 26, the Mumbai-based firm said in an exchange filing.
The mode of transaction was Qualified Institutional Placement (QIP), it added.
Following Albula buying 95,18,250 shares or 6.6907 per cent stake in Uttam Galva for Rs 76.14 crore, Albula now has 108,06,750 shares amounting to 7.5965 per cent stake in the secondary steel maker.
The company on March 28 said had it issued 2 crore shares for a cumulative sum of Rs 160 crore under the QIP issue.
Promoters’ had 70.83 per cent stake in Uttam Galva Steels as on December-end.
Shares of the company today settled at Rs 73.50 apiece, down 3.10 per cent in the BSE over the previous closing.
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