You are trying to value equity per share in Simran Holdings, a steel company with a 20% holding in Selvan Stores (accounted for as a minority holding) and a 60\% holding of Hamron Toys (fully consolidated). You are given the following valuations for operating assets and net debt in each company. If Simran has 200 million shares outstanding, estimate the value per share. (Hint: Cross holdings and value) a. $38 b. $72 c. $25 d. $30 e. $22