Draw a line in local space of a GameObject

I need to create border for my sprite. I have attached a LineRenderer component to the GameObject which also has this sprite. At runtime I am getting coordinates of renderer using bounds.

         Vector2 extents = gameObject.GetComponent<Renderer>().bounds.extents;

Then with some +/- logic I get the coordinates.

         Vector3 TopLeftCornerPosition = gameObject.transform.position;

         TopLeftCornerPosition.x -= extents.x;
         TopLeftCornerPosition.y += extents.y;

I am using these coordinates in LineRenderer to set four positions.

LineRenderer.SetPositions(blockCorners);

But when LineRenderer's 'Use World Space' option is checked, it does draw the line but when I move this block object, the line border does not move along with it though for LineRenderer block is the parent.

When I uncheck ' User World Space' Option, I see the box drawn by LineRenderer' but it's scale is almost 1/3 times then the block or sprites. But it moves along with the block. How can I fix it.

Please refer the attached screenshotsalt text