VLS Finance was trading at a 91% discount to value of investments as on 30 Sep, they would create the most value by selling their holdings and buying back their own shares. Last such buyback happened in 2013 but don’t know if it still makes sense after the tax introduction. VLS has been selling small parts of its Relaxo shares over the last few years. The management can create a lot of value by taking small steps. Maybe some shareholders can collaborate with management to make this happen.
3 Likes