Maytas lenders to get 8% stake

Jul 08, 2010 - Age Correspondent |

Hyderabad

The shareholders of Maytas Infrastructure are all set to vote on increasing the company’s share capital and on a debt restructuring on July 19, when it convenes for an extraordinary general meeting.

The first resolution on the table is to raise the company’s share capital from Rs 75 crore now to Rs 500 crore.
This will enable the recent investment made by the Saudi Binladin group in the company. The Binladin Group currently has a 20.04 per cent stake in the company.
As a part of the corporate debt restructuring, the lenders of the company will get 28 lakh shares — accounting for 3.66 per cent of the equity.
IL&FS, however, will remain the largest shareholder in the company with 26.90 per cent.
Another item on the agenda is to raise long term resources worth Rs 300 crore to fund expansion plans.

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