Satyam to acquire Maytas Infra

Mumbai: Satyam Computer Services announced that its Board of Directors has approved the proposals to acquire 100% stake in Maytas Properties and 51% in Maytras Infra.
Maytas Infra is engaged in the business of infrastructure construction and asset development encompassing core areas of India's economic growth viz, highways , metro railways, ports, transport management systems, airports, power, Oil & Gas , Irrigation, water treatment etc.
The total outflow for both the acquistions is expected to be US$1.6bn comprising of US$1.3bn for the 100% stake in Maytas Properties and US$0.3bn for the 51% stake in Maytas.
The acquistion of Maytas Properties would be immediate. In the case of Maytas Infra, Satyam will acquire 31% from the promoters and make and open for an additional 20% from the public given that the company is listed entity on the domestic stock exchanges. While the price proposed to be paid to promoters in Rs475 per share, the price for the open offer has been approved to be Rs525 per share and is subject to change in line with SEBI regulations.
16/12/08 India Infoline.com

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Categories: Airports Dec 2008