Mohan Gupta is the portfolio manager of an India-based equity fund. He is analyzing the stock of Tata Chemicals Ltd. (Bombay Stock Exchange: TATACHEM). Tata Chemicals is India's leading manufacturer of inorganic chemicals and also manufactures fertilizers and feed additives. Gupta has concluded that DDM is suitable for valuing Tata Chemicals. Tata's most recent dividend payment was $9. They have estimated an average annual growth rate in DPS of just over 13 percent. Gupta has decided to use a three-stage DDM with a linearly decreasing growth rate in stage 2. He considers Tata Chemicals to be an average growth company and estimates stage 1 (the growth stage) to be 6 years and stage 2 (the transition stage) to 10 years. He estimates the growth rate to be 14 percent in stage 1 and 10 percent in stage 3. Gupta has estimated the required return on capital for Tata Chemicals to be 16 percent. Estimate the current value of the shares.