The opinion piece below predated the deal particulars which show the promoters buying the 26% stake from Honda based on bridge loans from GIC and Bain who will then get the 12% stake from Hero at 1600 per share to help them pay off the loan Thus the PE pricing is more reflective of the valuation while getting PE quick gains from the bridge loan interest, while the Hero promoters have paid off Honda based on a much lower price.

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