reggie001, normally a T/O would have to have a 50% premium to...

reggie001, normally a T/O would have to have a 50% premium to the current share price , so HZL could try a .006c offer. However, I'd doubt whether large shareholders like RCF, Noble Group, Alexandra Resources and other large holders would take it up. They'd most likely curl up in fits of laughter.
Alexandra Resources needs 2.5cents/share just to break even, RCF and Noble Group need .008c to break even, most other large holders would need 1c + to break even and thats if they've been averaging down over the years.
To make a serious T/O offer and for it to succeed HZL would need to offer at least 5cents/share. Thats only US$40 million and HZL would consider that cheap. HZL have an excellent understanding of this Lead/Zinc resource in the Aravallis, ( remember it was once under their control) and I'd bet they're spitting chips now that IRL is moving closer to securing the ML.
I'd be willing to bet that a T/O by Vendata (HZL) will appear at some stage. It stands to reason that a T/O bid is inevitable. The IRL's Part A of the Aravalli project is 1929 hectares completely surrounding HZL Sindesar Khurd mine with a project area of just 199 hectares. ( and no chance of expanding)
I'd suggest that HZL will use every avenue open to them to get the project back ie. via the Revision Application currently before the Ministry of Mines. HZL has immense power in India and should not be underestimated, however with the new Modi Gov't in control its unlikely that IRL's preferential right would be curtailed without significant political fallout. ( OR a large payout)
Once IRL gets the LOI or possibly the MOU, HZL will in my opinion take steps to win control of this project.
HZL would already be looking at the best way to take back this asset, they've already been back to the Revision Court three times, twice being unsuccessful and a third time will be the end of it.
HZL will also be weighing up as to how to T/O India Resources. Needless to say the Surda mine contract will be one drawback, because nobody would want that problem.
Maybe they can pay somebody to take it off their hands.