Mytas ties up with Saudi BinLadin Group

Mytas ties up with Saudi BinLadin Group

Beleaguered infrastructure firm Maytas Infra, which was earlier promoted by disgraced Satyam founder B Ramalinga Raju’s elder son Teja Raju, announced that it was roping in global construction conglomerate, the Saudi BinLadin Group, as a co-promoter.

Maytas’ new owners IL&FS will now pave the way for the Saudi BinLadin Group to pick up a 20% stake in the company through a preferential allotment of 1,54,59,133 equity shares to its Mauritius-based arm, SBG Projects Investments Ltd, Maytas informed the bourses on Saturday.

The move will, however, dilute IL&FS stakeholding in Maytas to around 29.30% from the existing 37.01%. Incidentally, the Raju family still holds around 23% stake in the company, of which 20.37% is locked in as per Securities and Exchange Board of India’s (Sebi) IPO norms.

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