Maytas Infra surges 20% after stake sale to Saudi firm

Maytas Infra today soared 20 per cent to hit an year-high on BSE in morning trade, after a unit of Saudi Arabia-based Saudi Binladin Group agreed to buy 20 per cent stake in the company.

Shares of Maytas Infra touched a 52-week high of Rs 253.40 a piece, up 20 per cent from previous close, on the Bombay Stock Exchange (BSE). But shortly after touching the 52-week high, the scrip fell sharply by 6.34 per cent to hit a low of Rs 197.80 due to profit booking.

"The stock had already seen a sharp run up and it was bound to go down. Whatever has happened is profit booking by investors, which is normal in case of such news based movements," CNI Research CMD Kishore P Otswal said.

Saudi Binladin Group's Mauritius-based unit, SBG Projects Investments, on Saturday decided to acquire 20 per cent stake in Maytas Infra, a company which was initially promoted by the kins of disgraced Ramalinga Raju of Satyam Computer.

In a filing to the exchanges, Maytas Infra said SBG will be issued 15,459,133 equity shares of the company on a preferential basis at a price determined by the market regulator Sebi.

Following the aforesaid investment, SBG will become a co-promoter of the company. The investor and the company would be undertaking a mandatory public offer in accordance with the Sebi regulations, Maytas Infra had said.

IL&FS, which took control of Maytas Infra following a Company Law Board order in August 2009 by revoking the pledge on shares mortgaged by the Raju family, holds 37.01 per cent stake in the company along with management control.

As per the CLB order, IL&FS has to hold a minimum stake of 26 per cent in Maytas till September-October 2011. The Raju family still holds 25 per cent in the company.

On the National Stock Exchange, Maytas was trading at Rs 208.30, down 1.26 per cent from previous close.