International BusinessIL&FS hikes stake in Maytas Infra to 37.01%
Private lender Infrastructure Leasing & Financial Services (IL&FS) has increased its stake in Maytas Infra to 37.01 per cent by acquiring shares given as surety for a loan by the family of disgraced Satyam founder B Ramalinga Raju, promoters of the company.
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IL&FS, which had acquired a 14.50 per cent equity in Maytas by way of market purchase, now holds over 2.17 crore shares representing 37.01 per cent in the company, Maytas said in a disclosure to the National Stock Exchange.
In September 2009, IL&FS had acquired 88.89 lakh shares of Maytas Infra and had said would continue to hold those shares till the completion of its open offer for the infrastructure firm.
The shares had then been transferred to SBICAP Trustee Company as "escrow agent" for IL&FS for safe-keeping.
Upon completion of the open offer formalities, on December 31, 2009, the shares were transferred from the escrow account to IL&FS.
However, IL&FS which had made an open offer for a 1.32 crore shares or 22.51 per cent stake in Maytas Infra received poor response from investors as only 12.4 crore shares were tendered. The company had fixed the open offer price at Rs 112.80 per share.
IL&FS, which had acquired 22.6 per cent in Maytas by way of invocation of shares pledged by the Raju family, had to make a public offer under the Sebi takeover regulations.