The $5 billion Saudi Bin Ladin group was founded by 1931 by the late Sheikh Mohammed Bin Ladin, who is also the father of the world’s most wanted terrorist and al-Qaida founder Osama Bin Laden. The group, which disowned Osama Bin Ladin in 1994 much before he shot to notoriety for masterminding the 9/11 World Trade Centre attacks, is now being run by Osama’s half-brother Bakr Bin Laden.

Beleaguered Hyderabad-based infrastructure firm Maytas Infra, which was earlier promoted by disgraced Satyam founder B Ramalinga Raju’s elder son Teja Raju, has decided now to rope in global construction conglomerate – the Saudi Bin Ladin group – as co-promoter of the company along with Infrastructure Leasing & Financial Services Ltd (IL&FS).

IL&FS replaced the Rajus as promoter of Maytas Infra in September 2009 following a Company Law Board order dated August 31, 2009.

The Hyderabad-based infrastructure company is all set to allot 1,54,59,133 equity shares of the company through the preferential allotment route to SBG Projects Investments Ltd, a Mauritius-based arm of the Saudi Bin Ladin group, Maytas Infra informed the bourses on Saturday.

However, the company did not disclose the price at which the deal was struck with the Saudi BinLadin group, which will hold 20% of the post issue paid up equity share capital of the company on a fully diluted basis after the allotment.

Even as the infusion will dilute IL&FS’ stake in Maytas Infra from the existing 37.01% to around 30%, both IL&FS and BinLaden group will be make a mandatory public offer in accordance with the takeover regulations of the Securities & Exchange Board of India (SEBI).

The announcement comes just three days after a strong buzz about the company inducting a potential Middle-Eastern investor sent the company’s scrip soaring by 10% on the BSE on Wednesday to hit a 52-week high of Rs 215.15 a share.

Maytas Infra’s operations came to a grinding halt after Ramalinga Raju’s confessions in January 2009 that he cooked Satyam’s accounts as banks who had extended loans worth nearly Rs 2000 crore to the infrastructure firm froze all accounts.

Faced with a liquidity crunch and a crisis of confidence, the company lost several projects including the prestigious Rs 12,000 crore Hyderabad Metro Rail project last year and even a government nominated board taking charge of the company could not prevent the company from posting losses of over Rs 490 crore for fiscal 2008-09.

Soon after IL&FS took over the company in September last year, Maytas has been trying to infuse liquidity in the company and renegotiate its corporate debt restructuring package with the lenders.

source: Times of India

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