9 May 2009, ET Bureau
HYDERABAD: SBI Capital Markets has been mandated to re-structure the dues aggregating to over Rs 5,000 crore of Maytas Infra to banks.
Corporate debt re-structuring exercise was reviewed and cleared by the board at a meeting here on Saturday.
Maytas Infra, the infrastructure firm run by B Teja Raju, son of disgraced B Ramalinga Raju borrowed over Rs 5,000 crore from various banks But, the company was unable to repay the loans as many of its projects are in a limbo.
Several banks including State Bank of India (SBI), ICICI , IDBI, Hong Kong and Shanghai Banking Corporation (HSBC), Citibank NA and HDFC Bank Ltd have reportedly lent to the company and a clutch of firms promoted by the Raju family.
Major lenders, IDBI and ICICI made a presentation to Maytas' board and were also present at the meeting to review the CDR, said a coampny statement.
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