Maytas Infra may sell stake in leading projects

Maytas Infra may sell stake in leading projects
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First Published: Tue, Jun 23 2009. 12 42 AM IST
Updated: Tue, Jun 23 2009. 12 42 AM IST
Mumbai: The corporate debt restructuring of Maytas Infrastructure Ltd, promoted by the family of Satyam Computer Services Ltd founder B. Ramalinga Raju, seems to have taken a new twist.
Bankers are now seeking an immediate equity infusion by the promoters of the company.
Maytas Infrastructure is in the final stages of negotiations with 17 lenders that include State Bank of India, IDBI Bank Ltd and ICICI Bank Ltd, people familiar with the development said.
The promoters of Maytas Infrastructure were to bring in Rs35-40 crore under the corporate debt restructuring package.
Teja Raju, Ramalinga Raju’s son, and other promoters sought two years to make the investment, but bankers demanded an immediate infusion of funds even if the promoters have to sell their stakes in infrastructure projects, said the people who didn’t want to be identified.
Two projects identified by the bankers include the Gautami Power Project in Andhra Pradesh, in which Maytas Infrastructure holds a 22% stake, and the Bangalore Elevated Tollway Project, in which it has a 30% stake.
cnbctv18@livemint.com
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First Published: Tue, Jun 23 2009. 12 42 AM IST