3years was mentioned by NS in interview on other thread but he caveated hoping Parimal can accelerate, which they and TSI and FND are incentivesed to do. Parimal cause that's how they get return on investment, TSI as that's how they get capital, and FND as if there is still a gaping discount in a few years then we should just sell our stake to Parimal and let them take TSI private, which would be sad as this is a good business and with capital from an Indian IPO, TSI could become the dominant player in Indian ATM space.
On the dilution/capital raising risk (for FND, Not TSI), I see that as non existent. We/Aussie investors can only give cents compared to dollars that can be raised from Indian investors as Parimal evidences. If anything my guess is FND board will go other way and buy back to bridge ASX vs Parimal valuation, as that will help get us to IPO faster.
FND Price at posting:
$1.19 Sentiment: None Disclosure: Held
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