Our Bureau

Hyderabad, July 7

Maytas Infra Ltd has decided to increase the authorised capital of the company from Rs 75 crore to Rs 500 crore and thereafter pave way for allotment of preferential shares to its overseas partner and a clutch of banks.

The company, in a notification to the stock exchanges today, said that it would seek shareholders nod at the extraordinary general meeting to be held on July 19.

Volatility

The company's shares witnessed volatility during the day. The scrip closed the day at Rs 217.65, up 4.61 per cent on Wednesday.

Authorised capital

With the proposed changes, the authorised capital of the company will be Rs 500 crore divided into 15 crore equity shares of Rs 10 each aggregating Rs 150 crore and Rs 3.5 crore preferential shares of Rs 100 each aggregating Rs 350 crore.

As a part of its recent deal with SBG Projects Investments Ltd., a Mauritius–based member of the Saudi Bin Ladin Group, will be allotted 1.54 crore equity shares of face value of Rs 10 each for Rs 195.30 per equity share on a preferential basis, and thereby make it a co-promoter along with IL&FS.

Alongside, the management will also allot shares to some of the banks with whom it recently concluded a new corporate debt restructure package. Eleven banks, including SBI and ICICI and IDBI will be allotted shares as per the deal entered in the new CDR package.

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(This article was published in the Business Line print edition dated July 8, 2010)
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