With its promoter in jail, stock price nearing 52-week lows, downgrades by rating agencies and the state chief minister saying he would look into the realty major’s ability to complete plum projects, Maytas is clearly tottering and looks like it is on the brink.
A cross section of its employees, however, maintains that all is well and they are not the same as Satyam. Nevertheless, pointers suggest that either a strategic deal or a sell out is imminent.
Sample this: The promoters of Maytas Infra have pledged substantial portion of their holding -36% as of September 2008-to raise money. With margin calls getting triggered, institutions have begun offloading stakes.
While IL&FS Trust has sold off 11.52%, Investmart dumped 5.61% of the promoter holding pledged with them. The exact quantum of stake that the promoters hold today is not known.
“With an order book of over Rs 13,000 crore, the company needs an immediate cash infusion of Rs 1,200-1 ,300 crore to complete existing projects. With the current situation of promoters, that looks difficult,’’ an analyst tracking the company said.
Only last week, ICRA downgraded the debt programme to LBBB. This means Maytas would now access funds at a higher rate than what it would have before.
State-run MMTC has cancelled its association with the company for the proposed Rs 8,603 crore SEZ near Chennai.
