The Union Government has decided to hand over the reins of management and promoter status of Maytas Infra Ltd (MIL), promoted by Mr B. Teja Raju (son of Mr B. Ramalinga Raju), to IL&FS. IL&FS which holds 14.5 per cent equity, has been directed by the Company Law Board (CLB) to infuse Rs 55 crore as liquidity support and foreclose its rights on the pledged shares of 22.6 per cent shares, which will take its overall holding to 37.1 per cent. It will also make an open offer for 22.6 per cent and appoint four of its nominees including the Chairman on the board.
Interestingly, Maytas Infra was pushed into a financial crisis following the attempt by the Satyam Computer board on December 16, 2008 to buy out majority stake. After eight months of controversy and one crisis following another, the Hyderabad-based infrastructure company came out with financial figures for Q1 of fiscal 2009-10 and fiscal 2008-09 on Saturday showing losses of Rs 16.28 crore and Rs 489.79 crore respectively.
The Corporate Affairs Minister, Mr Salman Khurshid, announcing the CLB’s decision at a news conference in
IL&FS has also been directed by the CLB to hold up to 26 per cent stake for a minimum period of two years and to retain management control. The IL&FS’ 37.1 per cent stake and the open offer will make its stake worth Rs 350 crore at the current market rates.
MIL has a total liability of Rs 2,700 crore, including Rs 1,700 crore bank liabilities and Rs 1,000 crore guarantees. The acquirer takes all the liabilities. The company has an order book of Rs 7,500 crore and BOT projects worth Rs 3,000 crore.
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| Company Name | CMP |
|---|---|
| Larsen & Toubro | 3464.25 |
| Rail Vikas Nigam | 299.65 |
| KEC International | 792.60 |
| Kalpataru Projects | 1199.70 |
| NCC | 277.00 |
| View more.. | |
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