Maytas Infra will allot 15.45 million equity shares to SBG Projects Investments on a preferential basis. Following this, SBG will become a co-promoter of the company besides IL&FS Group, the current promoter.
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% stake in the firm.
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More details from Reuters and Business Standard follows
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