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Galleon begins to shed India holdings

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.

Source: Reuters

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