IL&FS(Infrastructure Leasing and Financial Services) Ltd. will take over the management control of Maytas Infra Ltd. The board of Maytas Infra Ltd, linked to scam-hit outsourcer Satyam Computer, has received a proposal to replace the existing founders of the company from IL&FS limited. IL&FS is the single largest shareholder of Maytas and will control 37% of equity in the company as some other large shareholders will pledge their shares with it.IL&FS currently holds a 14.5% stake in Maytas. The existing promoter shareholders will step down.
Maytas was founded by the family of Ramalinga Raju, the former chairman of Satyam Computer Services Ltd., who confessed in January to an accounting fraud at Satyam.
IL&FS Financial Services will spend about Rs.1.5 billion to buy 22.51 percent of equity in Maytas Infra Ltd.
