20 Feb 2009,
MUMBAI: Infrastructure Leasing & Finance Services (IL&FS) has written to the capital market regulator Sebi to widen the circuit-filter limit on the Maytas Infrastructure stock from the existing 5% to 15%.
IL &FS feels that the widening the limit would help create a free market for Maytas Infrastructure shares and thus help it to exit from the company. The disgraced Raju family has pledged 37% stake in Maytas Infra with IL&FS. The financial institution also has Rs 300 crore exposure to the company.
“We do not understand why there is a 5% circuit filter on this scrip when there are some scrips which have circuit filters as high as 10% and 15% and some which have none at all,” a source close to the IL&FS board said requesting anonymity.
This person said that with a 5% filter, the Maytas Infrastructure stock moves up by only Rs 2 or Rs 2.5, thereby preventing any real trading on the stock. IL&FS hopes to exit the company by unloading its shares in tranches. In fact, IL&FS has already opened talks with private equity players to buy out its stake in the company.
Meanwhile, post the government’s decision to supersede the Maytas board, both IL&FS and IFCI, institutional shareholders of the company have started sending feelers to gain a seat on the new board.
IL&FS is now awaiting the February 24 hearing, when the Company Law Board will take a view on constitution of a new board for Maytas. The person quoted earlier said that IL&FS would not mind exiting Maytas shares if the government or the existing promoters shortlist an outside investor.
On Thursday, Maytas Infrastructure slipped 5% to close at Rs 53.65.
ET Bureau
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