Saudi BinLaden to buy 20 p.c. in Maytas Infra

MUMBAI, INDIA: India's Maytas Infrastructure said on Sunday the Saudi BinLaden Group 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 per cent 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 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.

In 2008, Satyam had called off the deal to take 51 per cent stake in Maytas Infra following criticism from investors.

IL&FS Group holds about 37 percent in the firm as on March 31, according to a stock exchange filing.