Payoffs With Purchase of 2/3 Share With Borrowings
C = Value of 2/3 of a share - Borrowings
= Rs 100 - Rs 81.82 = Rs 18.18.
The call option should sell at Rs 18.18. The net cost of buying the option equivalent (Price of 2/3rd share, Rs 100 - Borrowings, Rs 81.82) is equal to the value of call option.