 "ArcelorMittal held a 29.05 per cent stake in Uttam Galva Steels")
ArcelorMittal has been declassified as a promoter of Uttam Galva Steels from the stock exchanges, a technical procedure that made it ineligible as a bidder for Essar Steel.
The letter of approval for declassification as a promoter of Uttam Galva Steels from the National Stock Exchange (NSE) and the BSE came on Friday.
ArcelorMittal Netherlands BV had on February 7, ahead of the Essar Steel bid, transferred its 29 per cent stake in Uttam Galva Steels, which had accumulated non-performing assets (NPAs) for over a year, to Sainath Trading Company by way of an inter-se transfer at Rs 1 a share but
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