You are right. 02/10 is a holiday. I’m not sure about this transaction or typo. Just posted the observation
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If total valuation is 370 crore and promoters 43% comes to 159.1 crore, then MOL stake (57%) should be valued at 210.9 crores (370-159.1). In effect, MOL should be paid 293 crore. No?
Do let me know if i have missed something.
The analyst call happened on 31st Oct and CNBC interview on 1st Nov. check what was said on 12th min in the call and 8th min on CNBC interview that NCLT approval is pending. Check NCLT Ahmedabad site and check for a order on 24th Oct 2018.
Most of the people are looking at the current payment. This may be slightly flawed, IMHO. MFCL (MFL) is the unlisted company where most of the expansion is happening. Estimate the future sales and profits numbers to arrive at the valuations and then discount them to arrive at the suitable price. This should be added it to whatever payments that you are considering for the current capabilities of the company. Feel free to correct me if I am wrong.
Valuation analysis in companies/groups where decisions may be taken to shortchange minority shareholders hold little meaning. I don’t think anyone had an idea that a restructuring will be undertaken wherein promoter holding in MFL will increase from 18% to 43% with them hardly injecting any fresh capital. And that poor parent MOL will be left holding the same 57% shareholding in MFL.
On top of that, I don’t think anyone had an idea that promoters have warrants of MFL which will convert into shares at Rs 30/share (This was the pricing at which MOL, IFC and the promoters had injected equity in MFL in 2008 when the company was started!!). And one is not even sure whether promoters have more such warrants left to be exercised (if yes, then MO’s stake in MFL will go down further when they are exercised).