calculate the value of equity shares from the viewpoint of (i) majority holdings and (ii) minority holdings Share capital: 1,20,000 equity shares of Rs.10 each fully paid Profits (after deduction of tax) for the last 3 years: Rs.2,70,000; Rs.3,60,000 and Rs.3,42,000 Dividend paid for the last 3 years: 12%; 17% and 16% Normal rate of return: 12%