MUMBAI, Oct 24 (Reuters) - Galleon, which is winding up after its founder was charged with masterminding the biggest-ever insider-trading scheme involving hedge funds, has sold almost half its stake in one of the three Indian listed firms it directly holds shares, stock exchange data showed.
New York-based Galleon sold 950,000 shares in Indian engineering firm Shriram EPC at 223 rupees ($4.8) a piece to cut its stake in the firm to about 2.4 percent from 4.6 percent, data from the National Stock Exchange showed.
The move comes after investors asked Galleon, which managed $3.7 billion, to return funds and as the founder Raj Rajaratnam told investors and employees he was winding down the Galleon funds.
Galleon also holds a 7.02 percent stake in Indian financial services firm Edelweiss Capital and a small stake in Pipavav Shipyards Ltd. No sale in these securities by Galleon was reported to the stock exchanges during the week.
Shriram EPC shares, which surged 13.5 percent on Friday, rose nearly a third in the week, while Edelweiss Capital fell 4 percent and Pipavav weakened 3 percent in the week.
(Reporting by Narayanan Somasundaram; editing by Patrick Graham)
((narayanan.somasundaram@thomsonreuters.com; 91 98206 88351; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net))Keywords: GALLEON INDIA/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
New York-based Galleon sold 950,000 shares in Indian engineering firm Shriram EPC at 223 rupees ($4.8) a piece to cut its stake in the firm to about 2.4 percent from 4.6 percent, data from the National Stock Exchange showed.
The move comes after investors asked Galleon, which managed $3.7 billion, to return funds and as the founder Raj Rajaratnam told investors and employees he was winding down the Galleon funds.
Galleon also holds a 7.02 percent stake in Indian financial services firm Edelweiss Capital and a small stake in Pipavav Shipyards Ltd. No sale in these securities by Galleon was reported to the stock exchanges during the week.
Shriram EPC shares, which surged 13.5 percent on Friday, rose nearly a third in the week, while Edelweiss Capital fell 4 percent and Pipavav weakened 3 percent in the week.
(Reporting by Narayanan Somasundaram; editing by Patrick Graham)
((narayanan.somasundaram@thomsonreuters.com; 91 98206 88351; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net))Keywords: GALLEON INDIA/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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