Maytas Infra EGM on July 19

Maytas Infra, the company once promoted by the family of Satyam Computer Services Limited founder B Ramalinga Raju, would hold its extraordinary general meeting here on July 19.

The meeting would seek shareholders' approval for its proposal to increase its authorised share capital from Rs 75 crore to Rs 500 crore divided into 150 million equity shares of Rs 10 each (Rs 150 crore) and 35 million preference shares of Rs 100 each (Rs 350 crore) by further creating 7.5 million equity shares.

The proposed private placement of 15.4 million equity shares to Saudi-based infrastructure company SBG Projects Investments Limited would figure at the meeting.

Post the preferential issue, the shareholding of IL&FS, which now owns 22.51 per cent in the company, will decrease to 17.82 per cent and of IL&FS Financial Services to 11.48 per cent from 14.5 per cent.

SBG Projects will have 20.8 per cent holding.

The company, among others, has also proposed to issue up to 2.82 million equity share on a preferential basis to the corporate debt restructuring (CDR) consortium banks.

The company said the CDR empowered group had agreed to convert 50 per cent of the funded interest term loan up to Rs 110 crore into six per cent cumulative redeemable preference shares, it informed the Bombay Stock Exchange.