The open offer in Modi Rubber by brothers Vinay Kumar Modi and Bhupendra Kumar Modi, which got an extension today, has managed to garner 14-15 per cent shares till now, according to sources at HSBC Securities, lead managers to the offer. The Bombay High Court today extended the open offer for a 35 per cent stake in Modi Rubber at Rs 90 per share, scheduled to close today, to July 16.
The extension comes in the wake of the Bombay High Court directing the Sebi to keep the offer open for a further seven days, so that Mahendra Kumar Modi could subscribe to the offer in case he gets the market regulator
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