Maytas hits upper circuit for 5th straight day

Maytas hits upper circuit for 5th straight day

Mumbai: Shares of Maytas Infra on Thursday surged 5% in opening trade on the Bombay Stock Exchange, hitting the upper circuit for the fifth consecutive day.

Maytas Infra opened at Rs130.50 and got locked in the upper circuit with a gain of 4.99% over its previous close.

On the National Stock Exchange Maytas advanced 5.03% in the opening trade to Rs130.60. Over 61.81 lakh shares changes hands on both the bourses.

Infrastructure major IL&FS, the new promoter of Maytas Infra, yesterday made an offer to buy an additional 20% stake in the crisis-hit firm at Rs112.80 a share.

The offer is scheduled to begin on 24 October and close on 12 November.

The open offer price is over 13% lower than the current price of Maytas Infra of Rs130.50 on the BSE.

Maytas shares have been on an upswing for the 10th session in a row and has surged nearly 50% since 20 August.

On Monday, the government said that IL&FS would be the new promoter of Maytas and will pump in Rs55 crore to revive the company. IL&FS currently holds 37% in Maytas.

Besides, shares of IL&FS Investment Managers, the listed subsidiary of Infrastructure Leasing & Financial Services gained over three per cent at Rs245.70 on the BSE.