Bin Ladin group to co-promote Indian firm
Mumbai, June 20, 2010
Global construction conglomerate Saudi Bin Ladin group will become a co-promoter in Indian infrastructure firm Maytas Infra, which was earlier promoted by disgraced Satyam founder B Ramalinga Raju’s elder son Teja Raju.
Infrastructure Leasing & Financial Services (IL&FS) took management control of Maytas Infra last September and raised its stake to 37 per cent in Maytas.
Maytas will now allot 1,54,59,133 equity shares of the company through the preferential allotment route to SBG Projects Investments, a wholly owned subsidiary of the Saudi Bin Ladin group, based in Mauritius, according to a report in The Economic Times.
While the company did not disclose the value of the deal, sources in the know of the deal said that SBG group would pay Rs240-Rs250 per share. For this, they will be entitled to hold 20 per cent of the post issue paid up equity share capital of the company on a fully diluted basis after the allotment.
However, both IL&FS and BinLaden group will make a mandatory public offer in accordance with the takeover regulations of the Securities & Exchange Board of India (Sebi).
The $5 billion Saudi Bin Ladin group was founded by 1931 by the late Sheikh Mohammed Bin Ladin. The investor would bring in the much needed cash into Maytas for its operations.
The collateral damage from the Satyam episode had affected Maytas Infra as the entire banking arrangement of the company was frozen, customer contracts cancelled and relationship with vendors, joint venture partners came to a standstill.