Infrastructure Leasing & Financial Services Ltd (IL&FS) has acquired 5.65 million shares of Maytas Infra Ltd out of the 8.88 million shares that the company had pledged in its favour. The shares invoked represent 9.61 per cent of the paid-up equity share capital of Maytas Infra, promoted by the family of the scam-tainted Satyam Computer Services founder B Ramalinga Raju.
IL&FS informed the National Stock Exchange that post acquisition, its stake in Maytas Infra has gone up to 14.5 per cent.
IL&FS is part of the Maytas-led consortium, which had bagged the Rs 12,132-crore Hyderabad Metro Rail project. Maytas failed to achieve the financial closure for the project, according to schedule on March 17, and sought an extension for the same.
Hyderabad Metro Rail Ltd Chairman CVSK Sarma said the government was examining the request of Maytas Infra for extension but did not specify any time-frame for it.
Increasing the stake by IL&FS assumes added importance in the light of the government-appointed board members of Maytas Infra, Ved Jain and OP Vaish, asking the chief financial officer of the infrastructure firm to work out the 2009-10 financial plan in seven to 10 days.
Maytas’ stock today was up 1.47 per cent to close at Rs 34.55 on the Bombay Stock Exchange compared to the previous day’s close of Rs 34.05.