Bankers to discuss Maytas CDR next week

Bankers are likely to convene a meeting next week to discuss the corporate debt restructuring (CDR) package of Maytas Infrastructure Ltd, according to the company's board.

The restructured board, which met in New Delhi on Friday, reviewed the CDR status. It approved the proposed CDR package at its last meeting in Hyderabad on May 9.

Maytas Infra, a listed firm promoted by the family of Satyam founder B Ramalinga Raju, submitted the proposal to the banks’ CDR Cell on May 11. Company officials met the CDR Empowered Group in Mumbai yesterday.

SBI Capital Markets are the consultants to the company on the CDR scheme. As many as 17 banks have a combined exposure of Rs 1,750 crore in the company.

Today, the board also reviewed the various build, operate and transfer projects with it, including the Rs 12,100 crore Hyderabad Metro Rail project. As already reported, the company has asked the Andhra Pradesh government for six months extension of time to achieve financial closure for the project.

The meeting today reviewed the personnel situation and its requirements in the current situation. It discussed certain employee reward proposals and what could be done. According to people in the know, the board took cognisance of the employee expectations on pay and other incentives. The board also reviewed the pending legal cases.

The board now has six members, including four appointed by the government to revive the company. It has set up four committees to focus on the areas of project management, audit, banking, finance and legal, respectively.

The current orderbook, excluding the Hyderabad Metro Rail project, is worth over Rs 8,500 crore. Most of these have achieved financial closure and should be completed in two years. It has receivables of around Rs 500 crore and plans to raise Rs 800-1,000 crore through asset sales, loans and guarantees from banks, to complete various projects and bid for new ones.