IL&FS offer for 20 per cent in Matyas Infra opens on Wednesday
24 Nov 2009
The Infrastructure Leasing & Financial Services Limited (IL&FS) open offer for acquiring an additional 20 per cent stake in crisis-hit Maytas Infra will open on Wednesday.
The open offer will close on 14 December, Hyderabad-based Maytas Infra said in a filing with the National Stock Exchange (NSE).
The offer was earlier scheduled to open on 24 October and close on 12 November.
IL&FS has appointed SBI Capital Markets as the manager for the offer.
IL&FS had, in September, offered to buy an additional 11.7 million (1,17,82,620) shares, forming 20 per cent stake in the crisis-hit Maytas, at Rs112.80 a share, for a total Rs132.91 crore.
IL&FS currently holds 37 per cent in Maytas, which includes 15.5 per cent acquired directly from the market and 22 per cent through invocation of pledged shares.
A successful completion of the open offer would raise IL&FS' holding in Maytas to 57 per cent.