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ArcelorMittal selling 29.1% Uttam Galva stake below market price

ArcelorMittal is said to be selling its entire 29.1% stake in India's Uttam Galva Steels Ltd. to the company's founders at less than the market price of the stock, a member of Uttam Galva's founding Miglani family told Reuters.

Ankit Miglani, who is also a former managing director of Uttam Galva, said ArcelorMittal had offered the stakes and the Miglani family agreed to the purchase. Miglani said the sale will be "below the market value" but did not disclose further details of the deal.

ArcelorMittal declined to comment on the sale.

Meanwhile, Business Standard had reported that ArcelorMittal agreed to sell about 41.3 million Uttam Galva shares at 1 Indian rupee each. According to Reuters, Uttam Galva's Sainath Trading unit said in a Jan. 31 filing that it plans to buy ArcelorMittal's Uttam Galva stakes on or after Feb. 7.

The newswire further said the sale would allow ArcelorMittal to bid for other Indian steel assets that are being auctioned as part of insolvency proceedings, though the company recently backed out of the bidding process for Bhushan Steel Ltd.