‘FII stake in MRL may be Chatterjee’s holding’

New Delhi, July 15: THE Modi Rubber Ltd (MRL) acquisition saga has taken an interesting turn with company sources indicating that the 11.32 per cent stake held by foreign institutions’ could actually be an indirect equity stake of George Soros man — Purnendu Chatterjee.

“FIIs together hold 11.32 per cent stake in MRL. This is held via Quantum and Endowment Fund (4.83 per cent), Niketan Traders Pvt Ltd (3.99 per cent) and Marlyn Resource Pvt Ltd (2.52 per cent),” company sources said on Sunday adding “this appears to be Mr Chatterjee’s indirect holding.”

Alleging that Mr Chatterjee was “hand-in-glove” with the Indian institutional investors, which together hold 44 per cent stake in the company, and have decided not to participate in the ongoing open offer, sources said he appeared to be working “against the interests of MRL.” This revelation comes close on the heels of financial institutions’ throwing a spanner in the work by declaring nearly three days, before the offer closes, that they would not participate in the offer. In a statement on Friday, Industrial Development Bank of India (IDBI) had said “after deliberations, it was decided to reiterate the earlier decision not to participate in the open offer.”

-- PTI