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Friday November 20, 09:40 PM
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Galleon sells its stake in Edelweiss
MUMBAI (Reuters) - Hedge fund Galleon, which is winding down its funds after its founder was accused of heading an insider trading ring, has sold its holding in Edelweiss Capital, stock exchange data showed.
New York-based Galleon sold its complete holding of 5.27 million shares, or 7 percent of the Indian firm, at 485 rupees ($10.4) each, Bombay Stock Exchange (^BSESN : 16029.26 -12.92
) data showed on Friday.
Galleon sold the shares to three entities, including Reliance Mutual Fund and Edelweiss' employee welfare trust, the data showed.
Edelweiss shares ended 0.9 percent higher at 485.25 rupees in a Mumbai market that rose 1.4 percent.
Galleon owned stakes in three Indian listed firms. In October it sold 950,000 shares in engineering firm Shriram EPC, cutting its stake to 2.4 percent from 4.6 percent.
It also holds a small stake in Pipavav Shipyards Ltd.
(Reporting by Aniruddha Basu; Editing by John Mair)
