We had initated buy call in India Foils at Rs 27 which got hammered to Rs 14 in very thin volume in last 2 weeks.
Mr Dutta CEO of ESS DEE Aluminium in an interview to a wire channel has indicated a price of Rs 150 crs for India Foil and also indicated to acquire 90% shares which mean the shares will be de listed and the current market cap of Rs 46 crs too much under priced.
At Rs 150 crs market cap basis and in view of the fact that promoters hold only 39% the first fair price of open offer could Rs 50 per share where the market cap of Rs 150 crs gets matched.
The scope of revision in the price is also not ruled out as 57% stake is held by others.
Investors may take their own call on the approximate price of open offer as our price calculations are only indicative.
We have vested interest in the stock.
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