Saudi firm’s open offer spooks Maytas Infra, closes 3% down

Saudi firm’s open offer spooks Maytas Infra, closes 3% down

Mumbai: Maytas Infra on Monday settled the day over 3% down, after hitting an a 52-week high earlier in the day, following a lower-than-the-market price open offer by the Saudi Arab-based Saudi Binladin Group.

Following its purchase of 20% promoter’s stake in Maytas last Saturday, the Saudi Binladin Group (SBG) today made an open offer to acquire an additional 20% stake in the company, but at a hefty 7.32% discount from Friday’s closing price of 211.20 on the BSE.

Shares of the company promoted initially by the kin of the scam-tainted Ramalinga Raju of Satyam Computers, closed at Rs204.50, down 3.17% on the Bombay Stock Exchange, after surging 20% intra-day.

The SBG made an open offer to acquire 1,54,23,236 shares representing 20% stake in Maytas Infra at 195.70 a share, which is a 7.32% discount from Friday’s closing price of RS 211.20 on the BSE.

On National Stock Exchange, the shares were worse as it slid 3.15% to settle at Rs204.30.

On June 19, the Mauritius-based SBG Projects Investments, an arm of the SBG, had acquired 20% or 15,459,133 equity shares in Maytas Infra, from the present promoters, IL&FS, at Rs195.30 a share, for around Rs300 crore.

During the day, shares of Maytas touched a 52-week high of Rs253.40, up 20% on BSE, and later fell sharply to hit low of Rs197.80, down 6.34%.

As per the March quarter shareholding pattern available on the BSE, IL&FS held 37.01% stake in Maytas.

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