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Speculation over offer by Modi Rubber

Our Bureau

NEW DELHI, July 19

THE Modi brothers' attempts to seize management control of Modi Rubber Ltd may soon attain fruition, if one were to go by today's rumours that a little more than 35 per cent of shares have been tendered so far in the ongoing open offer.

When contacted, an official of HSBC Securities and Capital Markets (India) Private Ltd, which is the manager to the offer, declined to confirm or comment on the quantum of shares tendered so far. "All I can say is it would only be appropriate for us to s hare the full details after the offer closes on July 23," the official said.

The Modi brothers -- Mr V.K. Modi and Mr B.K. Modi -- had made an open offer to acquire 35 per cent stake in Modi Rubber at a price of Rs 90 per share. The open offer is expected to close on July 23.

Company sources, however, claimed that "as on date, the 35 per cent target has been reached". Both Mr B.K. Modi and Mr V.K. Modi were not available for comment.