New Mayatas promoter, ILFS, to renegotiate CDR package with lenders

The new promoter of the crisis-hit Maytas Infra Ltd Infrastructure Leasing & Financial Services (IL&FS), is renegotiating with lenders regarding the corporate debt restructuring (CDR) package approved by the then government-nominated board of directors in July, 2009.

The new management is likely to receive SEBI approval for the issue of the open offer in the next few days.

According to a Maytas Infra spokesperson, it was very critical to understand the business and the company operations prior to finalisation of the CDR package for which the new promoters have sought time. The company will now have to restructure other terms and conditions including moratorium, interest rates, and repayment schedule to facilitate the company's growth

In a damage control exercise the CDR package comprising Rs200 crore fund-based and Rs400 crore non-fund based debt was approved by all 16 lenders led by ICICI, SBI and IDBI under the aegis of the board.

Meanwhile, the restatement of Satyam accounts is likely to become messier for the Mahindras with the deepening mystery over Rs612 crore winding up into Satyam accounts from Maytas and Maytas Properties.

In a clear pointer to the major battle ahead for the Mahindras, IL&FS, as the new owner of Maytas Infra, has for the first time revealed details of transfer of funds along with documentary evidence to the effect, though it amounts to only Rs20 crore of the Rs392 crore to begin with.