Maytas Infra may sell 20% stake

by khalid on 21/06/2010 · 0 comments

Maytas Infra Private Limited ( MIPL ) is one of the leading Infrastructure Development, Construction and Project Management Companies in India. The company said on Sunday the Saudi BinLaden Group (SBG) will buy a 20 percent stake in it for around 3 billion rupees.

SBG will buy Maytas shares for 195.3 rupees each, a discount of 7.5 percent to Friday’s close. The investment will be through preferential allotment of shares by Maytas.

Shares of the firm had finished at 211.2 rupees in the Mumbai market on Friday.

Maytas was controlled by the family of Ramalinga Raju — ex-promoter of Satyam Computer Services who resigned after accepting to have inflated its profits for years. Maytas saw a change in control when IL&FS Group acquired a controlling stake in it.

IL&FS Group holds about 37 percent in the firm as on 31st March 2010, according to a stock exchange filing.

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