Shares of Maytas Infra on Monday surged five per cent on the Bombay Stock Exchange after the government approved change in the management of the crisis- ridden firm.
Shares of Maytas surged 4.93 per cent in the morning trade to hit its upper limit of Rs 112.80 on the BSE.
On the National Stock Exchange the scrip surged 5.03 per cent over its previous close and got locked in its upper circuit of Rs 112.75. Over 24.16 lakh shares changed hands on the NSE.
The government today said infrastructure major IL&FS would be the new promoter of Maytas Infra and will pump in Rs 55 crore to revive the company.
IL&FS, the largest shareholder in Maytas Infra holding about 37.1 per cent shares, has been permitted to appoint four directors including chairman, the Company Law Board (CLB) order said earlier in the day.
The scrip of Maytas has been on an upswing over the past seven trading sessions and has gained over 33 per cent since August 20.
Besides, IL&FS Investment Managers Ltd, the listed subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), surged 20 per cent to hit a upper circuit of Rs 275 on the BSE.