The deal is worth 49.9c a share on an undiluted basis assuming...

The deal is worth 49.9c a share on an undiluted basis assuming no options are converted.

If the oppie holders convert, they pay about $12M into IGC's account, which means IGC will have $74M to distribute pro-rata to all FPO holders - this is about 39.8c a share.

ie; 123,500,000 shares on issue + 62.8M oppies = 185M shares fully diluted.
62.8M oppies at 20c = $12M
$60M payment from Nkwe + $12M = $74M
$74M / 185m shares = 38.9c/sh

So its not bad if you buy today for 25 or 26 cents a share.