Maytas Infra Ltd,the firm run by the family of fraud-hit Satyam Computer Services’ founder,on Friday said its three promoters have pledged all their 15.14 per cent stake in the real estate company. Disgraced former chairman of Satyam Ramalinga Raju had pledged his entire 8.25 per cent holding,the filing to the stock exchange showed. The remainder of the disclosed pledged shares of the founders belonged to B.Nandini Raju and B.Rama Raju Jr,it said. Founders owned a total 36.6 per cent of Maytas as at end 2008,stock exchange data showed. Sebis decision to make it mandatory for promoters to disclose pledged shares follows Satyam Computer revealing last month that all its promoter shares were pledged with lenders and a large portion of that had been sold. The SEBI board had decided in its meeting on January 21 that such disclosures should be made as and when the shares are pledged as well as by way of periodic disclosures. Maytas share price has been falling the maximum permissible five per cent for the last several weeks amidst uncertainties over the execution of several of its projects. The scrip closed at Rs 57.35 on Friday,a fall of over 65 per cent from Rs 164.70 a month ago.
Written by Express News Service | Mumbai | Published: February 7, 2009 12:37 am