Raj Rajaratnam's Galleon International master fund yesterday sold its 29% stake in Ceylon Leather Products for Rs. 200 million. The sale is part of Galleon's phased out exit from select investments in Sri Lanka.

The buyer of Galleon's block was Environmentan l Resources Investment. The deal involving 3.62 million shares was done at Rs. 55 each. Ceylon Leather closed at Rs. 56.50, up by Rs. 1.50 while it peaked to Rs. 57 mid-day.

Galleon has almost sold out of Commercial Bank and had part sold from some of the other investments though the bigger holding by Raj under his personal name remains intact.