Holding company discount not straight forward in this case. Take other example like IDFC or Ujjivan, they are pureplay holding company, they do not have other business. In case of ujjivan, they hold ~75% in ujjivan bank, so if Ujjivan bank is trading at 10000 crores, you can easily say ujjivan holding company has shares worth 7500 crores and if Ujjivan(holding company) is trading at 5000 crores, you can easily saying there is a holding discount of 33%
But In case of manappuram, apart from owning Ashirvad they have other business. Now you don’t know the value of other business like gold, home, vehicle. Today manappuram is trading at 12000 crores. Assume post listing of Ashirvad, Ashirvad is valued at 5000 crores and manappuram holds 80% of Ashirvad. Now manappuram holds 4000 crores worth of Ashirvad.
Here come the individual minds, One guy might say other businesses of Manappuram are worth 8000 crores and the market is valuing Ashivard holding at 4000 crores, so he will say there is no holdco discount, Others might say other businesses of Manappuram are worth 10000 crores and the market is valuing Ashivard holding at just 2000 crores and he will say there is Holdco discount.
In short, yes, if Ashirvad’s price moves up and Manappuram’s price holds the same, this will lead to hold co discount. But figuring out the quantum of discount is in their individual’s eye