JEDDAH/NEW DELHI - Saudi BinLadin Group (SBG) on Monday said it has acquired a 20 percent stake in infrastructure firm Maytas Infra for Rs 301.92 crore.
The Saudi BinLadin Group entered into an agreement with IL&FS to invest in 1.54 crore equity shares of Maytas Infra with an aggregate investment of Rs 301.92 crore, Maytas informed the Bombay Stock Exchange.
Infrastructure Leasing & Financial Services (IL&FS) took over Maytas Infra.
With this development, SBG becomes a co-promoter of Maytas Infra, along with IL&FS. The combination of IL&FS and SBG will add tremendous value to MIL in terms of technical and financial strength, Maytas Infra said. Maytas currently has Rs 800 crore of debt on its books and it will use some of the funds from the SBG investment to retire part of its debt. IL&FS is the largest shareholder in the company, with a 28.1 percent stake, while SBG has now acquired a 20 percent stake.
“The investment of SBG into Maytas Infra marks the long-term commitment of SBG to India. One crore is 10 million rupees. At the present market rate, SR1 is equivalent to 12.16 Indian rupees. - SG/Agencies