Many foreign institutional and high networth individual investors are interested in US based Galleon Fund Manager, Raj Rajaratnam’s shareholdings in local listed entities, according to brokers. “There are many foreign funds who are interested in Rajaratnam’s shares in local firms. We are getting calls from them periodically over the last few days asking whether any of his shares are for sale,” a broker said.
He said that Mr. Rajaratnam’s share sales are likely to move the market positively. “His stocks are illiquid.
He does not trade actively. Therefore there are many buyers for his shares and if there are trades in his shares the market will move the market up,” he noted. However he said that it is highly unlikely that Rajaratnam will sell any of it soon.
“There has been no indication so far for a sale,” he said. Rajaratnam, charged in the US for insider trading, has shares in top bluechips and firms with low capitalisation. |
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