Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.
"...there is no such proposal by ArcelorMittal Group to acquire any further stake/shares in Uttam Galva Steels," the Mumbai-based firm said in a BSE filing.
ArcelorMittal, now a co-promoter of the Mumbai-based galvanised steel maker Uttam Galva, has 33.80 percent stake in the company as on December-end. The Miglani family, the original promoter, has 37 percent holding.
Unconfirmed reports had said that the world's largest steel maker ArcelorMittal was planning to buy out the Miglani family's entire stake in the firm.
Following the reports, shares of Uttam Galva Steel had initially risen by 16 percent on the BSE. However, it is trading at Rs 114.90 in the afternoon session, 5.63 percent lower over the previous close.
Uttam Galva Steels, according to its website, has three galvanising lines with a total capacity of 3.5 lakh tonnes per year. It has its own cold rolling facility with a capacity of five lakh tonnes per annum.
More than 70 percent of the company's products are exported to over 100 countries.
Uttam Galva stock price
On November 27, 2015, Uttam Galva Steel closed at Rs 30.85, up Rs 0.10, or 0.33 percent. The 52-week high of the share was Rs 77.45 and the 52-week low was Rs 27.00.
The company's trailing 12-month (TTM) EPS was at Rs 1.33 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 23.2. The latest book value of the company is Rs 93.79 per share. At current value, the price-to-book value of the company is 0.33.
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