India’s Maytas Infrastructure said on Sunday the Saudi BinLaden Group (SBG) will buy a 20 percent stake in it for around Rs 300 crore.
SBG will buy Maytas shares for Rs 195.3 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 Rs 211.2 in the Mumbai market on Friday.
Maytas was controlled by the family of Ramalinga Raju — ex-promoter of Satyam Computer Services 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.
IL&FS Group holds about 37 percent in the firm as on March 31, according to a stock exchange filing.