Infrastructure Leasing & Financial Services (IL&FS) has priced its open offer for an additional 20 per cent stake in Hyderabad-based Maytas Infra at a rate of Rs 112.80 a share. The offer, which begins on October 24 and closes on November 12, was made public in a statement to the shareholders of the troubled company.

IL&FS, which took over the reins of Maytas Infra from the Raju family on Monday, holds 37 per cent in the infrastructure firm. The company was bound to make the open offer according to the Securities and Exchange Board of India’s stipulations.

IL&FS would have to shell out Rs.132.91 crore if it is successful in mopping up the required 20 per cent through the open offer. The company’s stake in Maytas would subsequently go up to 57 per cent.

“The offer is made to all the shareholders of Maytas Infra to acquire over 1.17 crore shares of the target company, forming 20 per cent of the voting capital of the company at a price of Rs.112.80 a share,” IL&FS’s statement said.

The open offer price is over 9 per cent lower than the current price of the company of Rs 124.30 on the Bombay Stock Exchange.

“The offer price is at the lower end of our expectation. It’s difficult to predict the market’s response at this time,” one analyst told Financial Chronicle.

Maytas Infra, which at one point was one of the fastest growing infrastructure companies in India, suffered heavily after the Satyam scandal became public in January. A severe shortage of funds saw the company losing several marquee projects, including the high profile Hyderabad Metro Rail Project.

However, the government gave the company a clean chit with regards to any involvement in the Satyam scam.