IL&FS open offer for 20% in Matyas Infra tomorrow

Infrastructure firm IL&FS's open offer for acquiring an additional 20 per cent stake in crisis hit Maytas Infra will open tomorrow.

Under the revised public announcement, the open offer will close on December 14, Hyderabad-based Maytas Infra said in a filing to the National Stock Exchange (NSE) today.

Earlier, the offer was scheduled to open on October 24, whereas November 12 was the last date for the same. IL&FS has appointed SBI Capital Markets as the manager for the offer.

In September, IL&FS made an offer to buy an additional 11.7 million (up to 11,782,620) shares (20 per cent stake) in the crisis-hit firm at a price of Rs 112.80 a share.

The total consideration payable under the offer would be up to Rs 132.91 crore. Pursuant to successful completion of the offer, IL&FS' holding in Maytas would rise to 57 per cent.

IL&FS currently holds 37 per cent stake in Maytas, which includes 15.5 per cent acquired through market purchase and a remaining 22 per cent via invocation of pledged shares.

As per the Company Law Board order, IL&FS would hold a minimum 26 per cent stake in Maytas for at least two years and keep management control in the firm during the period.

Maytas Infra, which was promoted by the Raju family, came under government radar after the founder promoter of Satyam Computer Services B Ramalinga Raju admitted to a multi-crore rupee fraud in the IT company in January this year.

Shares of Maytas Infra today settled at Rs 164.70 on the NSE, down 1.64 per cent from its previous close.