Mittal to buy 4.9% promoter stake by Feb-end: Uttam Galva

The world’s largest steel-maker, ArcelorMittal, will raise its stake in Uttam Galva to 33.7 per cent, following a 4.9 per cent promoter stake transfer by the end of this month. “Pursuant to the successful competition of the open offer, ArcelorMittal now holds 28.8 per cent stake in Uttam Galva. Besides, pursuant to change in the equity structure, the promoters’ stake sale will come down to 4.9 per cent from the earlier 5.6 per cent,” Uttam Galva finance director Ankit Miglani said.