It appears that my worst fear may come true. Manish Kiri wants to have the cake and eat it too. See the language mentioned in Q1- presentation. Money received will go towards capex of non core business and some amount may be paid as special dividend/buyback as per Boards approval. It is “will” in case of capex and “may” for payment to shareholders. How can it be? Who is he to decide when he has a minority stake?
Or may be he has more stake through FCCB ? Minority shareholders must prepare ground beforehand, otherwise it will be too late. We must be united and fight to safeguard our interest. In my opinion at least 50% of the amount received should go towards buyback.
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