Indiabulls Securities Limited - Subscribe
MOIL at Rs. 413 by using the DCF method (Cost of capital: 13% and Terminal Growth: 5%). As retail investors will get a discount of 5% on the issue price, the effective upper and lower price band for retail investors would be Rs. 323 to Rs. 356.25. Even if the company sets its issue price at upper price band, the issue offers an upside potential of 16% and we recommend “Subscribe” to the issue.