Open offer for Maytas begins

Jun 23, 2010 - Age Correspondent |

mumbai

The Saudi BinLadin group along with IL&FS has made an open offer for 1.54 crore shares of Maytas Infrastructure at a price of Rs 195.72.
These shares will account for 20 per cent of the voting capital of Maytas. Mumbai based Edelweiss is the manager to the offer. Total value of the offer works out to Rs 301.8 crore. The offer opens on August 12 and closes on August 31.

Saudi Arabia based BinLadin Group had come in as an investor in Maytas on Saturday and is now a co-promoter of the firm, along with IL&FS.
The BinLadin Group currently owns a 20 per cent stake in Maytas while IL&FS has a stake of around 29 per cent.
After the open offer, IL&FS and Saudi Arabia-based Binladin group would jointly manage the Hyderabad-based infrastructure company.
Maytas Infrastructure had been promoted by the family members of Satyam’s founder Mr Ramalinga Raju. An aborted bid to merge Maytas Infrastructure with Satyam was the trigger that blew cover off the Satyam scam. The association of the Raju family hit Maytas badly with several governments cancelling the awarded contracts.

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