Raj Rajratnam's Galleon Exits Indian Investments
Raj Rajratnam's Galleon Group has exited its investments in India by selling its 7% stake in broking firm - Edelweiss Capital, through two bulk deals for $54.83 Mn.
Private bank IHAG Zurich bought 26 lakh shares, while Reliance Mutual Fund picked up 8 lakh shares. The balance was bought by the Edelweiss Employees' Trust Fund.
Galleon’s exit from the financial services company is part of winding down of its funds, after its Raj Rajaratnam and five others were charged with insider trading in the stocks of companies, including Google and Hilton Hotels.
In another bulk deal, promoters of Edelweiss Capital - Rashesh Chandrakant Shah and Venkat Ramaswamy - bought 21.13 lakh shares, representing 2.81% stake in firm, for Rs 102.52 crore.Post deal, the stake of the Edelweiss promoters would go up 41%.
Earlier in Oct'09, Galleon Special Ops Fund had sold 9.5 lakh shares of Shriram EPC at Rs 223 per share, worth about $4.56 Mn. In India, the US hedge fund had direct exposure to only two companies - Shriram EPC and Edelweiss Cap.
This transaction comes just a day after Edelweiss announced a life insuance JV with Japan based Tokio Marine.
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