Modis in freshtalks with FIs

Modis in freshtalks with FIs
ENS ECONOMIC BUREAU

New Delhi, July 10: The promoters of Modi Rubber Ltd BK & VK Modi have initiated a fresh round of negotiations with financial institutions to buy out their 44 per cent equity stake in the company.

Sources said talks are in an advanced stage. Modicorp chairman BK Modi, when contacted, confirmed that talks were on, but declined to give more details.

However, the route which the financial institutions (FIs) would take to offload their shares is not known at present. The Modi brothers had submitted their individual bids in response to the FIs' open tender for divestment of their stake. "Since they are the only ones left in the race, the FIs may opt to settle for Modis", sources said.