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Hyderabad, July 19 (PTI) Maytas Infra, which recently roped in the Saudi Arabia-based Saudi Bin Laden Group (SBG) Projects Investments as co-promoter, today said it will tap the Gulf region by leveraging its Saudi partners experience and set up a joint venture enterprise. Addressing an extraordinary general meeting (EGM) here today, Maytas chairman Ravi Parthasarathy said Maytas would set up a joint venture in Saudi Arabia to tap the Gulf market in infrastructure and construction space. "Maytas will hold 55 per cent stake in the JV while the remaining will be held by SBG," he added. Infrastructure Leasing & Financial Services (IL&FS) took over Maytas Infra promoted by the family of Satyam fraud accused B Ramalinga Raju after it ran into trouble last year. The EGM today decided to increase the authorised share capital of the company from existing Rs 75 crore to Rs 500 crore through issuing 15 crore equity shares of Rs 10 each and 3.5 crore preference shares of Rs 100 each. The EGM approved allotment of 1.54 crore shares to SBG on a preferential basis. SBG paid Rs 300 crore for the stake. On the growth plans in domestic market, Parthasarathy said IL&FS helped Maytas secure two contracts recently. He said the master restructuring agreement with 14 banks which had lent funds to it is under process and will be completed in a couple of months. Under this agreement, all banks will charge uniform rate of interest from Maytas. Maytas currently has Rs 800 crore of debt on its books and it will use some of the funds from SBG investment to retire part of the debt. IL&FS is the largest shareholder in the company with 28.1 per cent stake while SBG has 20 per cent stake. Maytas Infra shares today closed at Rs 211.30 on Bombay Stock exchange, down by Rs 1.85.
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