ArcelorMittal’s open offer to acquire a 29.39 percent stake in Uttam Galva Steels will begin on December 19. The open offer will close on January 7, SBI Capital Markets said in a statement to the Bombay Stock Exchange.
ArcelorMittal had bought a 5.6 per cent stake in Uttam Galva from the promoters and had planned the open offer to buy an additional 29.4 per cent in the Indian company at Rs 120 a share on October 31, which was earlier due to close on November 19. This was delayed due to late approvals from the Foreign Investment Promotion Board (FIPB) and the Securities and Exchange Board of India.
After the acquisition, ArcelorMittal and Uttam Galva’s existing promoters, the Miglani family, would become co-promoters of the latter.