Mumbai, June 21: Financial institutions, including Life Insurance Corporation (LIC), UTI Mutual Fund and GIC and its subsidiaries, have submitted their entire holdings in the open offer made by Grasim Industries to the shareholders of Ultra Tech CemCo Ltd.

Grasim has made an open offer to purchase up to 3.73 crore shares at Rs 342.60 apiece, aggregating 30 per cent of the equity capital of Ultra Tech. Grasim is eyeing management control of the company. The cement business of Larsen & Toubro was recently de-merged into Ultra Tech.

Sources said there has been an overwhelming response to the 30 per cent open offer from all sections of shareholders in Ultra Tech, including retail public, domestic mutual funds, banks, foreign institutional investors, GDR holders and financial institutions.

More than six crore shares have been tendered in the open offer and the shareholders of Ultra Tech have thus capitalised on the opportunity to encash at an attractive price, they added.