Saudi Arabia-based Saudi BinLadin Group (SBG) today said it has acquired a 20 per cent stake in infrastructure firm Maytas Infra for Rs 301.92 crore.
SBG purchased a 20 per cent stake in Maytas Infra at Rs 196.05 a share, a discount of Rs 10 on the current market price of the scrip. Shares of Maytas Infra today closed at Rs 206.05 on the BSE, down 0.72 per cent.
The Saudi BinLadin Group entered into an agreement with IL&FS to invest in 1.54 crore equity shares of Maytas Infra with an aggregate investment of Rs 301.92 crore, Maytas informed the Bombay Stock Exchange.
Infrastructure Leasing & Financial Services (IL&FS) took over Maytas Infra, formerly promoted by the family of Satyam fraud accused B Ramalinga Raju, after it ran into trouble last year.
With this development, SBG becomes a co-promoter of Maytas Infra, along with IL&FS. The combination of IL&FS and SBG will add tremendous value to MIL in terms of technical and financial strength, Maytas Infra said.
Maytas currently has Rs 800 crore of debt on its books and it will use some of the funds from the SBG investment to retire part of its debt. IL&FS is the largest shareholder in the company, with a 28.1 per cent stake, while SBG has now acquired a 20 per cent stake.
"The investment of SBG into Maytas Infra marks the long-term commitment of SBG to India. Maytas Infra would be the platform through which SBG will pursue inbound and outbound construction-related business opportunities," SBG Senior Vice-President Mu'taz W Al Sawwaf said.