Maytas Infra touches 52-week high on stake sale news

The Maytas Infra scrip Monday touched a 52-week high on news that the infrastructure company is selling 20 percent stake to the Saudi Binladin Group (SBG) via a preferrential allotment of shares. “The company proposes to issue and allot to SBG Projects Investments Ltd. (a member of the Saudi Binladin Group) 15,459,133 equity shares, representing 20 percent of the post-issue paid up equity share capital of the company,” Maytas said in a regulatory filing. SBG is a Saudi Arabia-based construction conglomerate, with operations in countries spread across the Middle-East. It will now have to make an open offer as per regulatory requirements. The open off is being priced at Rs.195.72 per share, and will open on August 12. The Maytas scrip touched a 52-week high of Rs.253.40 during the day, which was also the intra-day high. In noon trade, the scrip slipped to 206.50, down 2.23 percent from its previous close at Rs.211.20. Post sale to Binladin group, the biggest promoter IL&FS will see its stake in the Maytas Infra come down to 29 percent. IL&FS had replaced the B. Ramalinga Raju family as promoters of crisis-hit Maytas Infra in August 2009, taking a 37.1 percent controlling stake in the company.