Saudi Binladin Group unit to acquire 20% in Maytas Infra

SBG Projects Investments Ltd, a member of the Saudi Arabia-based infrastructure conglomerate Saudi Binladin Group (SBG), is poised to acquire 20 per cent stake in the Hyderabad-based Maytas Infra Ltd, through a preferential share allotment approved by the latter’s management.

The board of directors of Maytas, under the management of IL&FS (Infrastructure Leasing & Financial Services Ltd), following its takeover last year, met on Saturday and decided to allot 1,54,59,133 equity shares of the company at a price tag to be determined according to the norms set by the Securites and Exchange Board of Infia.

According to the closing price of Rs 211.20 on Friday, it works out to about Rs 326 crore.

The company has informed the exchange that it would have to come up with the mandatory open offer.

Once the issue and allotment of the shares is completed, SBG Projects Investments, which operates from Mauritius, will become a co-promoter along with IL&FS.

The $5-billion Saudi Binladin Group was founded by Sheikh Mohammed Bin Laden, father of Osama Bin Laden in 1931, according to Wikipedia. Following this development, the meeting slated for June 24, has been rescheduled to June 28.

Apart from finalisation of results in the extended deadline accorded by the Company Law Board (CLB), the company will consider a restructured corporate debt restructuring package(CDR) with a clutch of banks on June 16.

The company has a debt of about Rs 1,400 crore.

In the past week, the company scrip hit a new high closing at Rs 211.20. The 52-week high and low are Rs 221.30 and Rs 56 respectively.

The IL&FS secured the management control of the scam-hit Maytas Infra by acquiring 37.01 per cent of the company equity following the CLB approval. Since it took over, the management is in the process of bringing out a new CDR package and had sought time to publish its financials.

Since the Satyam scam broke out in January 2009, the company has lost two mega projects – Hyderabad Metro and Machilipatnam port.

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