IL&FS Financial Services acquires 14.5 per cent in Maytas Infra

28 March 2009

IL&FS Financial Services has acquired 14.5 per cent stake in Maytas Infra, the infrastructure and realty outfit promoted by the kin of former Satyam chairman B Ramalinga Raju, through invocation of pledge of shares and off-market transactions, Maytas said in separate stock market filings.

IL&FS Financial services has acquired 56.53 lakh shares, representing 9.61 per cent stake in the company following invocation of pledge, Maytas Infra informed the Bombay Stock Exchange in a filing.

IL&FS also acquired 28,79,999 shares, representing 4.89 per cent stake in the company, through off-market transfer from Investsmart Financial Services Ltd, on 26 March, Maytas Infra said in another filing with the National Stock Exchange.

The transactions have taken IL&FS Fin Serv's total holding in Maytas Infra to 14.5 per cent, the statement added.

Other stakeholders of Maytas Infra include Sicom Ltd, which held 6.97 per cent stake in the company as of 31 December and Citigroup Global Markets (Mauritius) which held 1.70 per cent stake in Maytas Infra.

Promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI),  IL&FS Financial Service is one of India's leading infrastructure development and finance companies.