Today morning just read this NEWS :ArcelorMittal gets in through Uttam Galva
Uttam Galva, in a late evening notice to the Bombay Stock Exchange (BSE), announced that it will allow ArcelorMittal to acquire shares in the company through an open offer.
At the first stage, Lakhmi Mittal-owned ArcelorMittal will purchase a 5% stake for Rs69.6 crore at Rs120 a share.
Subsequently, the Mittals will make an open offer to purchase a 30% stake at the same price paid to the promoters for the 5% stake, valuing the company at Rs1,384.3 crore.
This is Daily chart of UTTAM STEEL.
Just see the movement of the stock from Rs.53 on 11th August and on Friday it closed at 113.95 level.
My question to Readers ,Traders ,STOCK EXCHANGE and SEBI is ….The annoucement of stake sale or picking of stake by Arcelor Mittal was decided on Friday (4th September) or talks were going on since last 1-2 months ??
-Who were knowing about this Deal ?
-Who bought these shares ??
-Do u not think Insiders in India are minting money and people close to Company circle ??
-Just small thought ….if possible comment ………Jai Ho !!
Updated at 18:52/5th Sept/Baroda