Please keep in mind that Utkarsh Coreinvest is a holding company for Utkarsh Small Finance Bank, whose stock is traded on the unlisted market. So, Utkarsh Small Finance Bank handles everything, and Utkarsh Coreinvest is merely a holding company. Let us begin by calculating the value of Utkarsh Small Finance Bank. (i) Net-Worth (Fy22) = 1571 crores (ii) No. of Shares Shares (Fy22) = 89 crores (iii) Book-Value (Fy22) = 1571/89 = 17.65 per share (iv) 6.1 percent NPA (Fy22) (increased from 3.75 percent in Fy21). If we give a P/B value of 1.5x to 2x, the per-share value of Utkarsh Small Finance Bank will be Rs.26-35. M.cap = (26 or 35) *89 = 2300-3100 Cr. In general, once a subsidiary is listed, the holding company values it at a 50% discount. As a result, Utkarsh Coreinvest should be valued between Rs. 1000 and Rs. 1500 crores. M.cap in unlisted market = 1700 Cr ( at Rs. 170 per share) Conclusion: The unlisted share of Utkarsh Coreinvest is currently overvalued in the unlisted market