Targets asset sales, bank guarantees.
Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction.
Sources close to the development said the company had identified the 10-km Bangalore Elevated Tollway Ltd, the Cyberabad Expressway Pvt Ltd and another project in north India for sale.
The Rs 775-crore Bangalore Elevated Tollway is already operational and the other projects are expected to be completed by the end of 2009, the sources said. The company expects to raise about Rs 500 crore from one of these projects, but sources declined to identify it.
Meanwhile, the company is seeking a fresh loan of Rs 200 crore from a consortium of banks plus a Rs 200-crore umbrella guarantee for various new projects that the company is going to bid.
Sources in the company said the board had targeted projects that are complete or expected to be ready soon because it is easier to evaluate their current value and monetise them. Discussions to this effect have begun with partners in some of the projects.
Declining to discuss details, Anil K Agarwal, one of the four government nominees on the board, said the company was looking at raising funds through various sources. “We have appointed SBI Cap as advisors for the Corporate Debt Restructuring (CDR). They have yet to suggest the future course of action,” he added. The CDR was approved at a board meeting on April 29.
On the issue of new disbursal by the banks, sources said 17 banks had a combined exposure of Rs 1,750 crore in the company and another Rs 2,000 crore in around 12 projects. “These banks need to give funds to the company to keep it afloat and also to grow,” a source said.
Maytas Infrastructure is one among two — unlisted Maytas Properties being the other — that Satyam proposed to acquire for Rs 8,000 crore in December last year. The proposal was dropped after strong shareholder protest, an issue that led to Raju’s confession.
