 बिस्मलाय रख्मान रेई, तो बई दूँज़ानले बच्छत्छीज जिस में हमने वाऱ्ंष के बाडे में दिस्कशन की दी, तो वो दे दे और तो भी दिस्खलठास दिफ्वरून्स देगान बोगत्त्शन्द, आजम बात करतेंगे आप्शिं, ये वाऱ्ंश की प्रीस but we are talking about what could be the fair value so there are two main models that is the black sholes model and the binomial model now you should recall that binomial model we discussed in the option because it is very similar with the options and factors so both the models apply these are used under different circumstances which method is suitable under which black sholes models without dividend with dividend best black sholes model without dividends best to use for equity call warrants yani ka apki jo call options a basic wo european hain ya american hain or european style put because it's specific in ki nature wise these are better being enhance or calculated through the black sholes sensory coefficient greek are adjusted for the converging ratio of the warrants yay warrants ke liye ye path use hota hai black sholes bhe mara ek pura chota sa part aega to wo that will make you more comfortable with it but for now it is a model used to calculate value of options and value of warrants provides the ability to analyze various mayors sensitivity coefficient different uske jo hain possibilities unko dekta hai four factors aegh isme factorize share price time to maturity how much time is there interest rate your risk free rate kiya hai and volatility jo mar underlying aegh uski volatility kiya hai ye char coefficient hain jo ke gauge krte hain kiya mara valuation mein kiya impact aega black shole model with dividend this tool may be used to calculate theoretical fair value of price of equity warrants fair stocks pay dividend aegh aksar stock pay kar rahe hota hai to uske isme thir hain hain ko capture krna hota hai kiya during the pan of warrant company jagar dividend karegi to uske liye phir hain me thoda sa aegh alternate path aur uska jo ek built-in apna impact lana partha becaus wo hota kiya hai jab dividend allowance hoega yaar jab wo x hoega to uski value mein change hai thi to usko capture thir hain hain model mein uska impact lena hota hai aur am ne pehle baat kihi thi ki warrant holders ko dividend nahi milta. kye aapne jab pehle liya to div share ki price upper di thi usne dividend diya x div ho ke niche aagya jab ke dividend aapko mila mein hi price mein fall aaghi to fir uske mein impact aapko pricing mein hi uska hoona chahi. european style warrants may be used to calculate price for equity calls and put warrants specify dollar amount of dividend and expected x dividend date. uski dates aur amount ko capture karte huye usme built-in kiya jaata hai. sensitivity coefficient Greeks are already adjusted for conversion ratio kiya agar convert hoona hai to uski ratio mein usko already capture kiya jaata hai. american style may be used to calculate approximate value of tile call warrants. ap american mein kyunke main pata nahi hai, pura time mein kisi bhi time wo sakta hai to yaha aproximate ka element toda sa aata hai. to calculate warrant price based on calculation with expiry and expiry date to aapko expiration date tak ka jo impact aap uske saad built-in kar ke lana. to yeh nahi ki toda sa ek dynamics involved koti hai. binomial kye humne baad kaafi detail se kiwi hai, wo bhi use ki jaati hai, higher is used good for theoretical fair value. american put warrants should not be valued using black shell. uske liye binomial zada hai, kuke wo reflection uski betar hai isme. you can use binomial to calculate value of american and european style. doonon ko use kar sakte hai. the model does not provide you with detailed analysis of sensitivity. kyunke binomial mein ne kata ki two parts hote hai toh bohat zada sensitivity ko capture nahi kar sakta hai, but still it is used to calculate value. advantage uske kya hai, multi-period view hai. yunne ke 3-4 saal ke period goal bhi capture kar leta hai. transparency clear hota hai simple hota hai. nothing hidden in it. or probability ko capture kar leta hai, ki chance of going up, chance of going down, kitne hai. so yunne ke both methods are there, some are suitable for one particular type, some are for other, but both are there, have their own merits and team merits. thank you.