IL&FS Financial Services Ltd on Wednesday offered to buy 13.25 million equity shares, or 22.51 per cent of paid up capital in Maytas Infra Ltd, at a price of 112.80 rupees per share, the offer manager said in a public announcement.
It can take a year to turn around Maytas Infra: IL&FS
IL&FS, which holds 14.50 per cent equity shares in Maytas currently, would spend 1.49 billion rupees for buying the additional stake, SBI Capital Markets Ltd, which manages the offer, said in an advertisement in Financial Express.
IL&FS would hold a minimum 26 per cent of equity in Maytas for at least 2 years and shall keep management control in the company during the period, it said.
'IL&FS new promoter of Maytas Infrastructure'
The offer opens on Oct. 24 and closes on Nov. 12.
The Company Law Board, based on an application by Maytas, has instructed the builder to induct IL&FS Financial Services as a promoter and allow it to assume management control, Maytas said earlier on Monday.
Maytas' 2008/09 net loss at Rs 490 cr
Cash-strapped Maytas was controlled by the family of Ramalinga Raju, the founder of Satyam Computer Services, who resigned from the software firm in January after revealing that profits had been inflated for years.
Since then, Maytas has been put under the government scanner.
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ICICI Bank, IDBI Bank and State Bank of India, key lenders to Maytas, invited IL&FS to take a strategic role in Maytas to help revive the company.
