New mgmt, open offer hopes boost Maytas Infra

The stock closed at the same 5% upper circuit of Rs 118.40. Over 40,000 shares were traded on the counter today with buy orders of 608,981 shares pending at the counter.
__________________________________________________
(Updated at 1051 hrs)

Maytas Infrastructure has hit its 5% upper circuit on hopes of open offer, following the government's decision to hand over the control of the company to IL&FS.

The stock opened at its 5% upper circuit of Rs 118.40 and has been locked at that level since. The stock has zoomed 27% in the last one week. Over 29,700 shares have been traded with 1.43 million buy orders pending at the counter on the BSE.

The stock has been closing at its 5% upper circuit for the last 3 days.

IL&FS, the new promoter of the company, already holds 14.5% stake in Maytas and will now purchase 22.6% more to take its total holdings to 37.1%. For this they would require Rs 150 crore.

IL&FS will announce an open offer soon which will be at current market prices.