With its promoter currently behind bars, MaytasInfra's stock is approaching a 52-week low, compounded by recent downgrades from rating agencies. The chief minister has also raised concerns regarding the realty giant's capability to efficiently complete its high-stakes projects. While some employees assert that their circumstances differ from those faced by Satyam, it's evident that both a strategic deal or a sell-out could occur soon.
To illustrate this, it is noteworthy that the promoters of Maytas Infra have pledged a significant portion of their holdings—36% as of September 2008—in a bid to raise necessary funds. As margin calls have begun to trigger, some institutions have started to offload their stakes in the company. For instance, IL&FS Trust has divested 11.52%, while Investmart has offloaded 5.61% of the promoter holdings they were managing. The precise extent of the promoters' current stake remains uncertain.
An analyst monitoring the company highlighted, 'With an order book exceeding Rs 13,000 crore, the company requires an urgent cash infusion in the range of Rs 1,200-1,300 crore to complete its ongoing projects. Given the current situation of the promoters, that seems challenging.'
Just last week, ICRA further downgraded its debt programme to LBBB, which means that Maytas will now incur higher costs to access funds than it would have previously. Additionally, a state-run entity, MMTC, has severed its ties with the company for the proposed Rs 8,603 crore SEZ near Chennai.