An interesting element in this report : they mention that the...

An interesting element in this report : they mention that the management has increased its holding in TSI India from 10 % to 19.4 % (but they did not say if more cash was put into TSI India via this move).
And there is no more shares available for management.

So, it means that Findi has reduced its holding in TSI India to 80.6 % (vs 90 % at 31/3/23).
We also know that Piramal will have 16.7 % of TSI India after IPO.
So, if the management and Findi are diluted the same way, Findi will own around 67 % of TSI India after IPO.

Based on the price paid by Piramal for its potential holding in TSI India, Findi's holding in TSI India can be estimated at 128 m $ (=190.6 X 0.67).
As Findi will have a net debt* of 5 m AUD, we can estimate its sum of the parts** at 123 m $ or 2.23 $/share based on the number of shares after the expected conversion of options (expiring in January 24).

* net debt of 21 m $ at 30/9/23 and impact of expected conversion of the options (16 m net cash).
** there is a risk that the market puts a discount to this sum of the parts if both Findi and TSI India are listed.