SBG Projects Investments, Mauritius-based infrastructure arm of the Saudi Bin Ladin Group, has decided to acquire 20 per cent stake in Maytas Infra Limited.
Maytas Infra has informed the stock exchange that it proposes to allot to SBG Projects 1.54 crore equity shares of the company, representing 20 per cent of the post paid up equity share capital (on a fully diluted basis) through preferential allotment.
The board of directors of Maytas Infra which met here on Saturday announced the decision to allot the shares to SBG group. The board was scheduled to meet on June 24 to take into account the final results for the quarter and discuss about the corporate debt restructuring package, but the meeting had been advanced owing to the willingness expressed by the SBG. Maytas Infra board will now meet on June 28 to take on record the performance for the quarter.
Maytas Infra did not disclose the price of the deal. It maintained that the value would be determined in accordance with the SEBI regulations, subject to the terms to be agreed upon by Maytas Infra, SBG and IL & FS. The IL & FS replaced the promoters of Maytas Infra including Teja Raju, son of Satyam Computers' former Chairman, B. Ramalinga Raju who is now in custody, following a Company Law Board order.
The fund-starved company had lost several projects, including the prestigious Rs.12,000-crore Hyderabad Metro Rail project, following the multi-crore accounting fraud disclosure by Ramalinga Raju in January 2009.
Co-promoter
The deal comes amid speculation that a Middle East company would make significant investments in Maytas Infra. The SBG group was founded in 1931 by Sheikh Mohammed Bin Ladin, the father of the most wanted terrorist Osama Bin Laden. The family members, who operate the construction company disowned Osama in the mid-1990s. SBG Projects Investments will become a co-promoter of the company once the shares are allotted.
