Infrastructure Leasing and Financial Services Ltd and its associates will buy up to 11.78 million equity shares at Rs 112.80 each from the shareholders of Maytas Infra Ltd, as part of the process to take control of the troubled company.
Assuming the open offer is fully subscribed, IL&FS and its associates will give out about Rs 133 crore to buy these shares. This offer comes after the Company Law Board order accepting IL&FS’s offer to acquire management control.
Maytas suffered loss of confidence of various stakeholders as its promoter directors and those of Satyam Computers were from the same family, the Hyderabad-based Rajus.
The shares of Maytas were pledged with a subsidiary of IL&FS for loans. Borrowers were unable to make repayments, prompting IL&FS to invoke the pledges.
If the open offer goes through, the IL&FS group’s stake will rise to 57.03 per cent from the present 37.01 per cent. Maytas’ shares closed today 4.98 per cent higher, at Rs 124.30, on the Bombay Stock Exchange.