If you remember an earlier post I made, I said the Indians will stretch this as long as it can to pick up more stocks at way below 42c.
No doubt this stock is worth as least 50c, and that is what Essar was prepared to pay. I hope the FIRB would reject it, opening the way for another company to take over.
If you look at REY, an Indian company is offering 9c per share. An insane offer, and yet it was made. Sometimes it works and the company is given away for next to nothing.
RCI Price at posting:
31.5¢ Sentiment: LT Buy Disclosure: Held
