Maytas Infra to rope in Saudi Binladin group as co-promoter
19 Jun 2010
Maytas Infra, a firm founded by Teja Raju, elder son of the disgraced Satyam founder B Ramalinga Raju, is roping in SBG Projects Investments Ltd, a member of the Saudi Binladin Group, as co promoter.
Mytas Infra, now under management of Infrastructure Leasing and Financial Services Ltd (IL&FS), said the board of directors of the company has proposed to make a preferential issue of 15,495,133 equity shares of the company, representing 20 per cent of its share capital, to SBG Projects Investments Ltd.
SBG Projects Investments, a firm based in Port Luis, Mauritius, will be issued the shares on a fully diluted basis, at a price being not less than the value determined according to the Securities and Exchange Board of India (SEBI) regulations relating to issue of capital and disclosure requirements, Maytas Infra said in a filing with the Bombay Stock Exchange (BSE).
The allotment is also subject to the terms of agreement between the company, the SBG Group and the other promoter, Infrastructure Leasing and Financial Services Ltd, as also regulatory approvals, the release said.
Following the investment, the SBG Group would become the co-promoter of Maytas Infra along with IL&FS.
The investor and promoters would also make a mandatory public offer to acquire a further 20 per cent in the company in accordance with the SEBI takeover regulations, the release said.
The board of directors of Maytas Infra will meet on 24 June, instead of 28 June as proposed earlier, to consider the share issue as also the unaudited results of the company for the quarters ended 30 September 2009, 31 December 2009 and 31 March 2010.
Maytas Infra on Saturday said it has won a contract worth Rs185 crore ($65.4 million) to build part of a metro rail network in Gurgaon. Maytas will build an elevated viaduct and six stations within 21 months for ITNL ENSO Rail Systems, Maytas said in a statement to the Bombay Stock Exchange.
The Rapid MetroRail Gurgaon Limited (RMGL) is being built by infrastructure and real estate developer DLF Ltd at its DLF City and DLF Cybercity.