CIM sells Global Business Arm
​Following the announced sale of CIM Global Business,
o We Fair Value (FV) CIM at Rs9.09 representing an 11% upside
o We introduce an “Accumulate†rating on CIM
o Our FV excludes a speculative potential for an exceptional dividend being paid out to shareholders.
o Assuming one-third of proceeds are paid out as dividends, it would amount to Rs1.67 per share
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