Maytas Infrastructure, a sister concern of the scam-hit Satyam Computer Services, is likely to enter into a master restructure agreement (MRA) with a consortium of 14 banks soon. It will help the trouble-torn company to bring down its debt to about Rs. 800 crore with a set up interest rate option. The company's extraordinary general meeting held here on Monday cleared a proposal to allot 1.54-crore preferential shares to SBJ Projects, part of the Saudi Bin Ladin group, and secured the consent of shareholders to induct it as co-promoters. It was also decided to rework the company's capital and debt structure.
Addressing mediapersons after the EGM, Ravi Parthasarathy, Chairman, Maytas Infra and IL&FS, stated that they had decided to allot additional shares to a clutch of banks to help the company overcome troubled times.
