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| FIIs hike stake in Maytas Infra to 10.7% |
| Deepak Korgaonkar / Mumbai Oct 23, 2009, 13:57 IST |
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Foreign Institutional Investors (FIIs) have hiked their stake in Maytas Infrastructure, once owned by the defamed promoters of Satyam Computer Services.
FIIs stake in the infrastructure firm which is currently owned by Infrastructure Leasing & Financial Services (IL&FS) increased by 7.26 per cent to 10.69 per cent at the end of September, 2009 quarter, according to shareholding pattern filed by the company with the Bombay Stock Exchange (BSE). FIIs held 3.43 per cent stake in the company during June, 2009 quarter.
Cash-strapped Maytas Infra 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.
IL&FS, thereafter, became the new promoter of Maytas Infrastructure in accordance with the Company Law Board (CLB) order issued on August 31, 2009.
IL&FS has made an open offer to buy 13.25 million equity shares or 22.51 per cent paid capital in Maytas Infra, at a price of Rs 112.80 per share. Currently IL&FS holds 37 per cent stake in the company, including 22.51 per cent stake of SBI Capital Trustee Company, which made the open offer announcement on behalf of IL&FS, according to shareholding pattern. The open offer is scheduled to open tomorrow and close on November 12, 2009.
The stock is currently trading at Rs 148.30 on BSE, has more than doubled from Rs 66.40 as on June 30, 2009.
Financial Institutions, IFCI (8.44 per cent) and SICOM (5.27 per cent) who collectively held 13.71 per cent stake in the company during June, 2009 quarter, have sold almost their entire stake to IL&FS, as their stake in the company has reduced to below one per cent (0.43 per cent) at the end of September, 2009 quarter.
CLSA Mauritius bought four million equity shares or 6.86 per cent stake in the company between July and September, 2009. The Mauritius based FIIs have purchased 2.22 million shares from the financial institutions, IFCI at a price of Rs 76.49 per share in July 2009.
Individual public shareholders also booking the profit by offloading five per cent stake in the company. The individual holding in the company has declined to 14.97 per cent in September 2009 quarter from 20 per cent at the end of June 2009 quarter.
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