Ann: SBI contract generates significant revenue and EBITDA uplift, page-43

The $37.6mil will be converted into 16.7% holdings of TSI at the IPO.

That implies a MC of TSI at IPO of $37.6mil × (100% ÷ 16.7%) = $225mil.

(Any doubt, just simply work out 16.7% of $225mil is equal to $37.6mil).


PIRAMAL ALTERNATIVES will be holding 16.7% of TSI after listing on BSE (Bombay Stock Exchange).

Findi Pty Ltd (FND) holds 90% of the balance of the ownership of TSI and therefore = 90% × (100%-16.7%) × $225mil = 75% of $225mil = $168.7mil.


That's what FND should be at least worth. $168mil on the deal of $37.6mil just signed with PIMARAL ALTERNATIVES.

Of course PIMARAL values TSI at $225mil based on its 16.7% holdings of TSI does not stop there. PIMARAL must have done its research and calculations and must believe it can turn its investment in TSI into many multiples. And we as shareholders of FND (currently 90% owner of TSI but will become 75% owner of the new TSI after IPO) also of course have the potential to reap the same % reward as PIMARAL.

I really like this story as I believe India is a fast growing market and will replace China as the growth engine of the world economy for the years ahead.