Hyderabad: Maytas Infra Ltd (MIL), the ailing infrastructure firm now controlled by private lender IL&FS Ltd, is likely to induct an investor to improve its financial position.
The Maytas board is to meet on Saturday to consider a proposal to induct an investor and offer it equity stake through preferential allotment route, the company said on Friday in a statement to the stock exchanges.
The Maytas board will also discuss the terms indicated by its lenders to restructure its debt in a corporate debt restructuring, or CDR. The company received a provisional letter of approval from the CDR empowered group of lenders on Wednesday.
IL&FS chairman Ravi Parthasarathy had on 1 September said he plans to partner foreign firms to revive Maytas Infra. He said it would take at least two quarters to stabilize operations and revive the company before fresh capital infusion can be considered.
IL&FS holds a 37.1% stake in Maytas. The Company Law Board (CLB), a quasi-judicial body for corporate oversight, on 31 August ordered IL&FS to take over Maytas as its new promoter. Maytas Infra, promoted by the family of B. Ramalinga Raju, the jailed founder of Satyam Computer Services Ltd, has been in trouble since he confessed to the country’s biggest accounting fraud at the software firm in January 2009.