IL&FS, Maytas close in the green on BSE

IL&FS has emerged as the new promoter of Maytas Infra, a company founded by Satyam’s disgraced founder B Ramlinga Raju’s family. The two scrips have closed in the green on CLB’s proposal for IL&FS to become the new promoter of the company.

Maytas Infra touched upper circuit and closed at Rs 112.80, up by 5.35 points or 4.98% on the BSE as compared to previous closing price of Rs 107.45.

The counter touched a high and a low of Rs 112.80 and Rs 110. At end of trading session, 8,98,383 shares of the company were traded on the BSE. Maytas Infra has been on an upswing in the past seven trading sessions and has gained over 33% since August 20

IL&FS Investment Managers, the listed arm of Infrastructure Leasing & Financial Services (IL&FS), closed at Rs 265, up by 35.80 points or 15.62% on the BSE as compared to previous closing price of Rs 229.20.

The counter touched a high and a low of Rs 275 and Rs 223.20. At end of trading session, 19,73,063 shares of the company were traded on the BSE.

The Company Law Board (CLB) had received a proposal from IL&FS Financial Services (IL&FS) to enhance its ownership in Maytas Infra and substitute the promoter of the company by acquiring management control in the same.

The said proposal of IL&FS was referred by the board of directors of the CLB during its meeting held on August 31, 2009.

Following this, the CLB has instructed Maytas Infra to induct IL&FS as new promoters and allowing them to assume management control through appointment of four directors including the chairman.

IL&FS is expected to infuse Rs 55 crore worth of fresh funds into the crisis-hit company.