Hyderabad: The city-based Maytas Infra, initially promoted by the kin of disgraced Ramalinga Raju of Satyam, said Saturday Mauritius-based SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG) will buy 20 per cent stake in the company.
The Saudi Binladin Group was founded way back in 1931 by Sheikh Mohammed bin Laden, the father of Osama Bin Laden, the world's most wanted terrorist.
In a filing to the exchanges, Maytas said SBG will be issued 15,459,133 equity shares of the company on a preferential basis at a price determined by the market regulator Sebi.
"Following the aforesaid investment, SBG will become a co-promoter of the company. The investor and the company would be undertaking a mandatory public offer in accordance with the Sebi regulations," the Maytas said in the filing.
IL&FS, which took control of Maytas Infra following a Company Law Board order dated August 31, 2009, by revoking the pledge on shares mortgaged by the Raju family soon after the Maytas Infra public offer in October 2007, holds 37.01 per cent stake in the company along with management control.
As per the CLB order, IL&FS has to hold a minimum stake of 26 per cent in Maytas till September-October 2011. The Raju family is still holds 25 per cent in the company.
Comments
0 comment