Shareholder nod for Maytas Infra name change
Maytas Infra, now promoted by IL&FS Ltd, IL&FS Financial Services and SBG group, has received the shareholder approval through postal ballot for its proposal to change its name to IL&FS Engineering and Construction Company Ltd on December 31, 2010.
IL&FS Ltd took management control of the company which was founded by former Satyam Computer Services chairman, B Ramalinga Raju, in August 2009. The infrastructure company suffered collateral damage and plunged into a crisis following a massive accounting fraud at Satyam.
Subsequently, In July 2010, SBG Projects Investments Ltd, a unit of Saudi Binladin Group, was allotted 20 per cent stake in the company on a preferential basis, along with co-promoter status.
The proposal to change the name to IL&FS Engineering and Construction Company Ltd was made on November 22, 2010, the company said in a filing to BSE on Monday.
Maytas Infra scrip was trading at Rs 185.05, 1.4 per cent above its previous close of Rs 182.45 on BSE.