Techno Soft Ltd posted a net income of Rs 500 Crores for the year ended 2021. The net capital expenditure during 2021 was Rs 110 Crores and change in working capital was Rs 30 Crores. The net debt issued during the year was Rs 152 Crores. The company earned an after-tax operating income of Rs 447 Crores. The beta of the company is estimated as 1.36. The 10-year Indian Govt. Bond rate in January 2022 was 6.50% and the historical Equity Risk Premium for the Indian Equity Market was 8%. The Bonds issued by Techno Soft were rated as AAA by a rating agency and the default spread associated with the AAA rated bonds was 0.75%. The marginal tax rate faced by the company is 35%. At the time of valuation, the market value of Techno Softs equity and debt is Rs 4025 Crores and Rs 662 Crores respectively. The retention ratio of the company in the past has been 25% & the ROE has been 30%. The return on capital was 25%. The firm is expected to grow for 5 years at the fundamental growth rate & thereafter at a stable growth rate. The average debt ratio for the software industry is 20%. The company has a cash balance of Rs 405 Crores. The management options are valued at Rs 152 Crores at the time of valuation. The number of shares outstanding is 100 Crores. You may make any suitable assumptions for valuation, if required.

What should be the share price per share for Techno Soft Ltd using the FCFF model? [8]