Modi Rubber board meet deferred

Our Corporate Bureau

New Delhi, July 17: The board meeting convened by Modi Rubber Ltd (MRL) chairman Panduranga Rao on Tuesday has been deferred.
“No new date for the board meeting has been fixed,” a spokesperson for MRL managing director BK Modi told The Financial Express.

He added that “the issue has been sorted out”, indicating that Modis and financial institutions have reached an agreement over buyout of institutional stake by the Modis.

Tuesday’s board meeting had to discuss “several important issues”, including the audit investigation report.

Dr BK Modi has claimed a few days ago that they had reached an agreement with FIs for buying their stake and deposited Rs 45 crore in a bank account on Monday.

The open offer made by the Modis for acquiring additional 35 per cent stake in MRL has been extended to Monday, July 23.

The open offer for acquiring the additional stake in MRL was announced together by the two brothers BK and VK Modi at Rs 90 per share.

He said that the Modi group has mopped up 12 per cent additional stake in the tyre major as of now.