Rajus pledged entire stake to lenders: Maytas Infra

Maytas Infra today said three of its promoters, including Ramalinga Raju and Rama Raju, have pledged their entire holding of 15.14 per cent in the company to lenders.

Ramalinga Raju, the former Chairman of fraud-hit Satyam Computer, has pledged his entire holding of 48.54 lakh shares representing 8.25 per cent of the paid up capital of the company, Maytas Infra said in a disclosure to the Bombay Stock Exchange.

B Rama Raju (Jr) has pledged his holding of 14.85 lakh shares or 2.52 per cent stake in the Hyderabad-based firm.

Further, B Nandini Raju, another promoter of the company has pledged 25.73 lakh equity shares or 4.37 per cent holding in the troubled infrastructure firm, the disclosure added.

As of the quarter ended December 31, 2008, seven promoters held a combined 36.64 per cent stake in Maytas Infra.

Other promoters of the firm include -- B Teja Raju (Ramalinga Raju's son) who holds 2.53 per cent stake, SNR Investments Pvt Ltd with 8.92 per cent, Veeyes Investments (8.92 per cent) and B Ramalinga Raju HUF (1.13 per cent).

The disclosure by Maytas Infra follows the market regulator Sebi's mandate to disclose shares pledged by promoters of companies in the wake of the close to Rs 7,800- crore Satyam fraud, in which the promoters had pledged their entire holding with financial institutions.

Last week, the infrastructure firm had said it would set up a task force, comprising representative existing stakeholders and outside experts to restore investor confidence and provide assistance in managerial activities.

Shares of Maytas Infra today plunged nearly five per cent to hit its lower circuit at Rs 54.50 on the Bombay Stock Exchange.

The scrip has been continuously hitting its lower circuit for the past 22 trading sessions on the exchange.