Shareholders, page-88

All very valid Questions.

And you are right there is no such gap to my mind.

The issue as I see it and have been told has to do with shareholder dilution with a large equity raise vs a debt raise. If it was about raising debt we would have done that long ago in India or other markets with low interest rates but we didn't want to burden the company take an Fx risk and hamper future raising ability for growth.

Keep in mind that the CX 2x ask has been tomtommed as to high. Now look at it this a way if we get a investor other than TSN to give CX an exit and raise growth capital at 2x it will peg the TSN share price at 0.75c vs 1c currently.


The only reason we did a road show in Australia was we saw an equity infusion appetite.

The best time was soon after the Mphasis deal with the share price around 3 c. We would then have raised debt on a deal by deal basis for inorganic expansion. Then the dilution would hv been more than set off by the Share price growth to my mind.

Thus this is where we stand and I see the only solution being doing a raise at TSI India and giving TSN an exit as the only solution to this conundrum. TSN then will have the capital it requires to chart its own destiny.

Regards
Mohnish