Maytas Infra locked at upper circuit on IL&FS buzz

MUMBAI: Shares of Maytas Infrastructure were frozen at the maximum tradable limit of 5% on Wednesday. The stock rose on a report that IL&FS may acquire management control of Maytas Infrastructure, owned by family members of Ramalinga Raju, former chairman and managing director of the fraud-tainted Satyam Computer.

Investors are hoping that the change in management control, especially to IL&FS, would help the company retain and complete its existing projects. There was uncertainty over the company's prospects, as there was confusion about the company's ownership after the promoters pledged its shares to IL&FS, IFCI and Sicom.

At 12:05 pm, Maytas shares were at Rs 54.35.