Mumbai, June 6 :    Mumbai, June 6:  The Life insurance Corporation (LIC) and the General Insurance Corporation of India (GIC) have more or less decided to sell their holdings in VST Industries to the highest bidder. 'Their task has been made easier by the fact that Bright Star Investment's revised offer price of Rs 151 per share is Rs 26 more than the re-revised offer of Russell Credit. Senior LIC officials, however, said, 'We are yet to formulate our strategy and confirmed that no decision has been taken on selling VST shares.' According to sources, the insurance majors will make their decision known only on the when the offer closes, that is on June 13. Sources said the most logical decision on part of LIC and GIC' would be to accept the best offer, which is Bright star's Rs 151 per share. Any decision to defer the sale will result in the insurance companies losing an opportunity to liquidate shares at an attractive price. Ultimately, they are answerable to the policy holders. They have to take a decision with their interest in mind, said sources close to the institutions. Bright Star stand Bright Star Investments said today it was keen to meet British giant British American Tobacco (BAT) even as it had not taken any decision on buying out the 32 per cent stake BAT holds in VST Industries. Asked if Bright Star was thinking in terms of acquiring the stake BAT holds in VST, Bright Star spokesperson John Band said, 'We are keen to meet BAT and clarify that we are long-term players in VST. But there is no decision yet on buying out their stake in VST since right now, our focus is entirely on the success or otherwise of the open offer.' Bright star has bid for an additional 30 per cent stake in VST Industries, and this will take its total shareholding in the Hyderabad-based company to 46 per cent, since it already has 16 per cent of VST's equity. ITC subsidiary Russell Credit has bid f or 20 per cent of the VST pie.