i dont this divestment is needed, they are already operating at 1.5-2x levels of gearing and hence ROEs are suppressed, they are well capitalized with a CAR of 30% and above, if in case they are raising further equity, it only means , they need more CAR to wipe off bad loans.
so wahatever book value is there - it will be depleated due to provisioning, however, if they keep providing only rationally every quarter and keep diverting all the recovery amount to provisioning, there is till hope that it can attain book value multiples as mentioned by many boarders in above posts.
my best guess is - of the 19-20kcr book value - market is already factoring a default of 10-12kcr. of loan book. (As of March 22 - loan book was around 60k cr) - right now the AUM is 65k - waiting for breakup details in filings and concall transcript.
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