Eriska Investment Fund sells 2.38% stake in Uttam Galva Steels

Eriska Investment Fund has sold 2.38 per cent stake in debt-ridden Uttam Galva Steels Ltd through an open market transaction.
According to a regulatory filing, Eriska Investment Fund, which held 5.49 per cent stake in Uttam Galva Steels earlier, sold 33.98 lakh shares representing 2.38 per cent of equity stake.
The shares were sold on January 3 and based on the weighted average price of Rs 21.76 of the stock, the transaction is estimated to have been valued at Rs 7.39 crore.
Uttam Galva Steels Ltd is a leading manufacturer of cold rolled steel (CR) and galvanised steel (GP) in western India.

The company is into the business of procuring hot rolled steel and processing it into CR and further into GP and colour coated coils.
Shares of the company were trading 1.89 per cent higher at Rs 21.60 apiece on BSE today.