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FIIs' 11.32% stake may be Chatterjee's

The Modi Rubber 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 Purnendu Chatterjee.

"Foreign institutional investors 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)," the company sources said adding, "This appears to be Chatterjee's indirect holding."

The revelation comes close on the heels of the 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 had said, "After deliberations, it was decided to reiterate the earlier decision not to participate in the open offer."

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