Fis Find Price Too Low

Financial institutions (FIs) led by Life Insurance Corporation and Unit Trust of India are unlikely to take the bait of the Grasim open offer for L&T.

A senior LIC official said, "We are unlikely to take up the open offer. A final decision will be taken along with the other institutions at the next head of institutions meeting (HIM)."

"On the face of it the price offered is very low. Birlas had bought 10.5 per cent from Reliance at Rs 306 per share," he said. LIC has got the largest shareholding in the company with a 17.42 per cent stake followed by UTI at 10.34 per cent stake.

 

UTI officials said