Modi Rubber: Lic Wants To Cancel Stake Sale

Life Insurance Corporation of India is exploring legal options to cancel the sale of its 12 per cent stake in Modi Rubber in the open offer made by the Modis.

The LIC brass met senior officials of the Industrial Development Bank of India (IDBI) over the weekend, apparently to find ways to make the entire transaction void.

LIC had sold off its 12 per cent stake in Modi Rubber on July 16, the last day of the open offer till it was extended by another week by the Bombay High Court.

Initially, the move was perceived to be LIC breaking away from the FIs