Infrastructure Leasing & Financial Services Ltd (IL&FS), which acquired Maytas Infra from the Ramalinga Raju family, has set the stage for transferring ownership of the Hyderabad-based company to the Saudi Binladin Group (SBG), a construction conglomerate run by Bakr Bin Laden, the half-brother of the world’s most wanted terrorist, Osama bin Laden.
The decision, however, was formally taken by the Maytas Infra board on Saturday. According to the scheme approved by the IL&FS-dominated Maytas board, the company will issue 1,54,59,133 new shares — a 20 per cent post-issue stake — to SBG Projects Investments Ltd, a Mauritius-based arm of SBG, for an undisclosed amount. The new investor will then have to make an open offer to buy an additional 20 per cent. If the open offer is successful, SBG will hold 40 per cent — the highest in the company — and can take over management from IL&FS.
IL&FS replaced the Rajus as promoter of Maytas Infra in September 2009 after acquiring a majority stake by taking over the Raju family’s shares.
Currently, Infrastructure Leasing & Financial Services Ltd has a 37 per cent in Maytas Infra while the Ramalinga Raju family still holds about 23 per cent. After the issue of shares to the SBG, IL&FS’ stake will be 30 per cent and the Raju family’s stake would fall to around 19 per cent.
The Ramalinga Raju family, according to sources, will sell its stake in the company after August, when the lock-in norms for the founding promoter’s stake end. According to sources in the company, the deal is worth around Rs 250 crores.