Doubt on any existing investor’s mind would have been why not raise debt, 250 crores they could service out in 3 years at current run rate?
This is a company which has done prudent buybacks, and is sitting on good amount of cash. Their recent capital allocation has been top-notch, so equity dilution does raise a question mark (and will become an overhang on stock price after 12 months). My only conclusion/self comfort was that maybe they are going for a massive acquistion! Will be interesting to see what happens in the near future in this company, fingers crossed for positive outcome.
Disc – invested and holding.
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