Wednesday, December 31, 2008

Satyam case: Maytas looks to raise $500 mn

Maytas Properties, a firm linked to Satyam Computer Services chairman S Ramalinga Raju’s family, is looking at raising funds through several of its real estate-related ventures after a potential $1.3-bn sale to Satyam was called off, following investor backlash.

Maytas’ fund-raising exercise would see the property firm bring in equity partners in some of its ambitious projects or sell some of its assets spread across most southern states.

The firm has approached consulting firms and bankers to chart out a $500-mn (about Rs 2,350-crore) fund-raising plan through divestments in key identified assets, according to people familiar with the development.

Some of the assets that could be used to unlock cash, include the group’s three SEZs, an ambitious warehousing project, property developments in various cities and outright sale of land parcels in and around Hyderabad. When contacted, a Maytas spokesperson said: “We cannot comment on market speculation.”

Funds from some of these equity dilutions are expected to meet the promoters’ equity contribution in the Rs 12,000-crore Hyderabad Metro Rail project that has been undertaken by the group company Maytas Infra, people close to the development said.
To read more, please, visit - The Economic Times

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