Maytas Infra, under the new management of IL&FS, is in the process of renegotiating the corporate debt restructure package with a clutch of banks including SBI, ICICI Bank and IDBI Bank.
The Chief of Operations for Infrastructure at IL&FS, K Ramchand, said the move is part of the exercise to restructure operations and finances, the overall debt burden and potentially raise additional bank guarantees for projects under execution. The process is complex and quite time consuming.
The Maytas debt payment was rescheduled with repayment option over seven years and the company was sanctioned a priority debt of Rs 100 crore and bank guarantee of Rs 200 crore.
The company is also taking expert guidance, including legal, in terms of recovery of inter-corporate deposits of nearly Rs 400 crore. Of this, a major chunk is with the fraud-hit IT firm Satyam Computer. Open Offer
After the Company Law Board approved IL&FS takeover of Maytas Infra, the company had applied with the SEBI for an open offer to raise additional stake. We expect SEBI clearance to come in shortly and the open offer process could take about a month thereafter, Arun K. Saha, Chairman of Executive Board of Maytas Infra, said.
Earlier, the Maytas Infra board converged here to host its annual general meeting. However, the company is yet to finalise its results as it had sought time from CLB till December.
Maytas Infra, which bagged a major Rs 790-crore road project earlier this month, is in the process of expanding its portfolio of services including airports, ports and power projects, while also bidding for new projects.