Maytas Infra approves preferential issue to Saudi Binladin Group

Maytas Infra Ltd has announced that the Board of Directors of the Company at its meeting held on June 19, 2010, have approved the Preferential Allotment of Shares to the Investor.

The Company proposes to issue and allot to SBG Projects Investments Ltd, (a member of the Saudi Binladin Group) ("Investor") 15,459,133 equity shares of the Company, representing 20% of the post issue paid up equity share capital of the Company (on a fully diluted basis), on a preferential allotment basis at a price being not less than the value determined in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, subject to the terms to be agreed upon in writing between the Company, the Investor and Infrastructure Leasing & Financial Services Ltd and its affiliate ("Promoters") and subject to receipt of requisite regulatory approvals.

Following the aforesaid investment, the Investor would become a co-promoter of the Company. The Investor and the Promoters would be undertaking a mandatory public offer in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

The stock was trading at Rs.206.70, down by Rs.4.50 or 2.13%. The stock hit an intraday high of Rs.253.40 and low of Rs.197.80.

The total traded quantity was 2209785 compared to 2 week average of 816741.

Source : Equity Bulls

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