Saudi Binladin Group makes 20% open offer for Maytas Infra

SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG), today made an open offer to acquire an additional 20 per cent stake in Maytas Infra at a price of Rs 195.72 per share.

SBG Projects has made an open offer to acquire 1,54,23,236 shares, representing 20 per cent stake in the infrastructure company, at Rs 195.72 per share, Maytas Infra, initially promoted by the kins of disgraced Ramalinga Raju of Satyam, said in a public announcement.

The offer price is at a 7.32 per cent discount from Friday's closing price of Rs 211.20 on BSE.

On June 19, Mauritius-based SBG Projects Investments had acquired 20 per cent, or 1,54,59,133 equity shares, in Maytas Infra, from the present promoter IL&FS at Rs 195.30 per share leading to an investment of around Rs 300 crore.

As per the March quarter shareholding pattern available on BSE, IL&FS held 37.01 per cent stake in Maytas Infra.

Shares of Maytas Infra were trading at Rs 205 on BSE, down 2.94 per cent from the previous close on BSE.