IL&FS makes open offer for Maytas Infra at Rs 112.80 a share

[B. Karthick]

NEW DELHI: Infrastructure major IL&FS, the new promoter of Maytas
Infra, on Wednesday made an offer to buy an additional 20 per cent
stake in the crisis-hit firm at Rs 112.80 a share.

In a public announcement made to the shareholders of Maytas Infra,
IL&FS said its open offer would begin on October 24 and close on
November 12, 2009.

"The offer is made to all the shareholders of Maytas Infra to acquire
over 1.17 crore (up to 1,17,82,620) shares of the target company
(Maytas) forming 20 per cent of the voting capital of the company at a
price of Rs 112.80 a share," it said.

The total consideration payable under the open offer will be up to Rs
132.91 crore. Pursuant to successful completion of the offer, IL&FS'
holding in Maytas would rise to 57 per cent.

The open offer price is over 9 per cent lower than the current price
of Maytas Infra of Rs 124.30 on the BSE.

Maytas shares has been on an upswing for the ninth session in a row
and has surged nearly 48 per cent since August 20.


SBI Capital Markets made the open offer announcement on behalf of
IL&FS.

On Monday, the Company Law Board had directed the family of fraud hit
Satyam Computer Ramalinga Raju to transfer the ownership of Maytas
Infra to IL&FS.