If I owned 20 mill shares, for risk aversion’s sake I would sell maybe a quarter to a third on the odd chance that either:
a. The FIRB dont approve the sale. b. Due dilligence proves to be unsuccesful.
Means nothing really, its obvious now that Jindal and Essar (although not confirmed) are happy to buy at these prices on market.
Im waiting to hear Jindals response, but from the looks of it I think they will at least match the Essar offer, as they are possibly bidding above their 42c offer price.
RCI Price at posting:
42.5¢ Sentiment: Hold Disclosure: Held
