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| Maytas Infra on the block |
| Arun Kumar / New Delhi Jan 24, 2009, 00:13 IST |
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Even as domestic and global software players queue up to acquire beleaguered Satyam Computer Services, the family of founder and former Chairman Ramalinga Raju is in talks to divest management control in Maytas Infrastructure Ltd, a listed company that won the bid to build the Hyderabad metro, among other projects.
Investment banking sources said two southern infrastructure conglomerates appear to be frontrunners and the deal is expected to close shortly.
“It is speculation. If something needs to be conveyed, we will convey it at the appropriate time,” a Maytas Infra spokesperson said in reply to a query.
Sources, however, said senior Maytas officials made a presentation to potential suitors early this week.
The company has also begun reducing operational costs and headcount to make the company more attractive, the sources added. The internal target is to reduce the staff strength by 40 per cent and focus only on current projects.
Sale talks have begun principally under pressure from lenders, sources said, since Maytas has borrowed nearly Rs 5,000 crore from different banks. The promoters have also pledged their entire holding to non-banking finance companies such as Infrastructure Leasing & Financial Services Ltd (ILFS), IFCI Ltd and SICOM.
Maytas’ share price hit the lower circuit for 12 consecutive sessions and closed at Rs 90.65 on Bombay Stock Exchange Friday against Rs 167 January 6, a day before Raju’s confession, and Rs 497 on December 16, when Satyam had announced the acquisition of Maytas Infra at Rs 475 per share.
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