June 20 (Reuters) – India’s Maytas Infrastructure (MAIL.BO) said on Sunday the Saudi BinLaden Group (SBG) will buy a 20 percent stake in it for around 3 billion rupees ($106.1 million).
SBG will buy Maytas shares for 195.3 rupees each, it said, a discount of 7.5 percent to Friday’s close. The investment will be through preferential allotment of shares by Maytas, it said in a press release.
Shares of the firm had finished at 211.2 rupees in the Mumbai market on Friday.
Maytas was controlled by the family of Ramalinga Raju — ex-promoter of Satyam Computer Services (SATY.BO) who resigned after accepting to have inflated its profits for years. Maytas saw a change in control when IL&FS Group acquired a controlling stake in it. [ID:nBOM445945]
IL&FS Group holds about 37 percent in the firm as on March 31, according to a stock exchange filing. ($1=28.27 Rupee) (Reporting by Swati Pandey; Editing by Jon Loades-Carter)