HDFC and the financial institutions led by the Life Insurance Corporation of India (LIC) and the Unit Trust of India (UTI), which hold around 13 per in Otis Elevator India, have decided not to respond to the open offer made by Otis Mauritius to acquire 31.10 per cent of the equity in the domestic company at Rs 280 per share.
The offer closes on Tuesday. Currently, the parent company holds 69.8 per cent, the domestic financial institutions 13 per cent and the public and other bodies hold 17 per cent in Otis Elevator India.
Senior institutional sources told Business Standard,