By Shane McGinley
SBG will acquire stake in Indian infrastructure firm Maytas Infra - paper.
India's Maytas Infrastructure said on Sunday the Saudi BinLaden Group (SBG) will buy a 20 percent stake in it for around 3 billion rupees ($106.1 million).
SBG will buy Maytas shares for 195.3 rupees each, it said, a discount of 7.5 percent to Friday's close. The investment will be through preferential allotment of shares by Maytas, it said in a press release.
Shares of the firm had finished at 211.2 rupees in the Mumbai market on Friday.
Maytas was controlled by the family of Ramalinga Raju -- ex-promoter of Satyam Computer Services who resigned after accepting to have inflated its profits for years. Maytas saw a change in control when IL&FS Group acquired a controlling stake in it.
IL&FS Group holds about 37 percent in the firm as on March 31, according to a stock exchange filing. (Reuters)