We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 20 Jun 2010 01:13 PM

Font Size

- Aa +

Saudi Bin Ladin acquires 20% stake in Indian firm

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)

Arabian Business: why we're going behind a paywall

For all the latest Saudi Arabia news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.