something happening?, page-22

It looks like they are trying to steady the boat while working on a CR plan. It would be an ideal if they can wait for the +ve outcome of TATA JV by April... but operational funding is depleting, and may only last to the end of the 1st quater.

I am hazard a guess of a CR sometime in Feb with placements for institutions, and then perhaps a SPP to be completed by March.

There is very little chance for success to repeat the same pricing for the last CR at 18c. Hence, pricing at this stage based on the market interest would be in the range of 12-15c...