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rainmaker wrote:NDB holds about 43M shares so that's about 700M/= in terms of a profit transfer.
I really don't know what NDB's plans are for CDIC.
Instead of doing this, they could have bought out the other shareholders for 150M (only 150,000 shares at 1000/= each) <- But I guess they don't value this proposition
Just curious how you came up with a nice round Rs 1000 number for the buy out ! seems a bit arbitrary doen'nt it ? To be fair to the minority shareholders of CDIC (NDB Capital), they should have offered to buy them out entirely at the repurchase price of Rs 545. To be frank, even the Rs 545 repurchase price is arbitrary (maybe the highest traded price ?) since the NAV is Rs 263.40 as at 31st December 2012. But the total distributable figure of Rs 6 Billion is fixed as this was their Capital Gain for the Aviva sale. I guess this is their way of compensating the minority shareholders. otherwise they could have easily increased the buyback ratio (1 for 2 instead of 1 for 4) and done the buyback at NAV of Rs 263.40. If you are a minority shareholder of CDIC, you may have the option of selling back more than your allocation. Check at EGM on 1st March.
