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Our Bureau

Hyderabad, June 10 Maytas Infra scrip continues its surge upwards after the stock witnessed bulk deals on the NSE.

With positive news flowing in each passing day from the company management, the stock ended up at Rs. 86.90 against the previous day’s close of Rs 83.6 on the BSE. The stock has gained 89 per cent in a month’s time.

Some 14.14 lakh changed hands on the BSE, while NSE witnessed a volume of 31.77 lakh shares, which included a few bulk deals.

IFCI today offloaded 10 lakh shares through bulk deals on the NSE.

IFCI, which is amongst major shareholder along with IL&FS and Sicom, after they redeemed pledged shares, also sold about 3 lakh shares on Tuesday.

At the end of March 2009, the IFCI held 1.02 crore shares or 17.42 per cent in Maytas.

Apart from bringing about stability in the company after the Satyam scam, the Government-appointed board has indicated taking up some of the big projects it won including Gulbarga and Shimoga airports, at their meeting held in Delhi earlier this week.

The company board is close to negotiating a corporate debt restructure package with banks, which is likely to come through by the end of this month.

The company management is also negotiating with banks and is in the process of raising additional funds through loans to ensure continuity of projects.

While some reports indicated Rs 800 crore loan, there was no indication from the company about this development.

The board is also negotiating a major corporate debt restructure package, with the company exposure estimated at Rs 1,800 crore.

Efforts are also on to bring down the interest component through the package.

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