New Delhi: Even before the tussle between Ambani brothers over the ownership of over Rs 90,000 crore Reliance Empire became public, RIL (Reliance Industries Ltd) Chairman and Managing Director Mukesh Ambani had met the officials of financial institutions, which have significant holding in the group's flagship company.

Spotlight: Battle of Ambanis

M Damodaran, the Chairman and Managing Director of IDBI (Industrial Development Bank of India), is one of the persons Mukesh met in the recent past.

When contacted, Damodaran told sources in New Delhi from Mumbai over phone that, "Yes Mukesh met me, but not this month. It was some time back."

Asked if Mukesh Ambani had indicated the possibilities of changes in RIL Board and as to what transpired during the meeting, Damodaran declined to comment.

Foreign as well as domestic institutions together hold about 40 percent stake in Reliance Industries. Since FIIs hold about 23 percent equity stake, they want early settlement of the dispute, which has already seen erosion of the company's market capitalisation by about Rs 2,500 crore to Rs 70,314 crore.

Ever since the tussle came into public with two brothers hardening their respective positions, institutions and FIIs have been edgy about their exposure in the group companies as all the Reliance entities' scrips have taken a hit of about eight percent between Nov 18, 2004 and Nov 26, 2004.