Nice analysis and thanks for sharing. The key question is what is the rationale for applying this particular rate of discount. There are holding companies which are available at much higher discounts to the value of their holdings. For example KAMAHOLD (current market cap ~8570 crore) is available at less than 25% of the market value of its main holding of SRF Ltd (market cap ~72500 crore) in which it owns ~50.5% stake.
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