The shares of Maytas Infra today hit a 52-week high on news that the infrastructure major is selling 20% equity stake to the Saudi Binladin Group (SBG) through a preferential allotment of shares.

In a regulatory filing, Maytas said, "The company proposes to issue and allot to SBG Projects Investments Ltd. (a member of the Saudi Binladin Group) 15,459,133 equity shares, representing 20 percent of the post-issue paid up equity share capital of the company."

SBG is a Saudi Arabia-based construction company, with operations in nations spread across the Middle-East.

It will now have to make an open offer as per regulatory requirements. The open off is being priced at Rs 195.72 a share, and will open on August 12.

The shares of the company touched a 52-week high of Rs 253.40 in the day, which was also the intra-day high. During afternoon trade, the shares declined 206.50, down 2.23% from its earlier closure at Rs 211.20.

Post sale to Binladin group, the largest promoter IL and FS will see its equity stake in the Maytas Infra decline to 29%.

IL and FS had replaced the B. Ramalinga Raju family as promoters of crisis-hit Maytas Infra in August 2009, taking a 37.1 percent controlling stake in the company. (With Inputs from Agencies)