Financial institutions have asked the Modis to increase the offer price for Modi Rubber by 10 to 15 per cent and pick up their entire 45 per cent stake in the company.
The Modis had earlier offered to purchase 35 per cent stake in the company at Rs 81.50 for each MRL share.
Institutional sources said the Modis could not be allowed to go ahead with their proposed offer as FIs would be left holding a small stake.
