Maytas Infra board approves IL&FS as new promoter

MUMBAI: Maytas Infra on Friday said its board has approved infrastructure major IL&FS as the new promoter of the company.

In a filing to the Bombay Stock Exchange Maytas Infra said: "The draft Letter of Offer filed by IL&FS with SEBI in connection with the Open Offer to the shareholders was noted and approved by the board of directors."

Last month, pursuant to the Company Law Board order the government replaced the B Ramalinga Raju family with IL&FS as promoters of crisis-hit Maytas Infra.

Following this IL&FS, the largest shareholder in the Maytas Infra holding with about 37.1 per cent shares, made an open offer for an additional 20 per cent stake in the crisis ridden firm.

Further, the CLB also permitted IL&FS to appoint four directors including the chairman on the board of Maytas Infra.

The company now has four government nominees- Ved Jain, K Ramalingam, O P Vaish and Anil Agarwal- besides, B Teja Raju and B Narasimha Rao.

Shares of Maytas Infra closed at Rs 133.35, down 1.40 per cent on the BSE.