2. Kamani Limited has total assets 1000 crore. Its equity, divided in 25 crore outstanding shares, has
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2. Kamani Limited has total assets 1000 crore. Its equity, divided in 25 crore outstanding shares, has market value of 800 crore. Currently the company has debt of 400 crore. The company has just made an issue of debentures (100 each) of the total amount of 400 crore plus one warrant of Re 10 for each debenture. A warrant will entitle the debenture holders to apply for one equity share, at an exercise price of 15, at the end of two years. The annual standard deviation of the share price variability before the debenture issue is: = 4.5. Assume that the interest rate is 10 per cent. What is the value of a warrant?
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