Galleon sells its stake in India`s EdelweissPublished on Sat, Nov 21, 2009 at 07:40 | Source : Reuters Updated at Sat, Nov 21, 2009 at 07:48 Like this story, share it with millions of investors on M3
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 India's 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 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.
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