Maytas Infra, in which the current promoter, Infrastructure Leasing & Financial Services Ltd (IL&FS), holds a 37.01 per cent stake at present, will make a fresh issue of 15.46 million shares to the Mauritius-registered SBG Projects, enabling it to become a co-promoter.

SBG will also make an open offer to other shareholders of the Hyderabad-based infrastructure company, according to the regulatory norms, the company said in a press release.

Meanwhile, the corporate lenders have approved a debt restructuring proposal for Maytas Infra. The CDR package has been approved by a majority of the banks, and the provisional letter of approval has been approved by the board of directors of Maytas Infra in its board meeting yesterday. "The final letter of approval is expected to be issued shortly," the release added.

The approval of the CDR package enables Maytas Infra to bring the overall debt in the company to a sustainable level and at a reasonable pricing. The package will support the company in its ongoing strategic and operational initiatives to strengthen the business model and cash flows.

"The overall debt on the balance sheet of Maytas Infra would come down from over Rs 1,800 crore to around Rs 800 crore. This is through a mix of one-time settlements with a few banks, conversion of debt into preference shares and restructuring the composition and structure of the debt. At the same time, banks have opted to convert part of the debt into equity to partake in the economic benefits from the turnaround of the company and induction of IL&FS," the company said.