The new territories are in South and West regions and should generate superior ROCEs due to better seasonality. The deal size is Rs18bn, valuing the acquiring business at 1x EV/Sales and 4.5x EV/EBITDA on a 1-year forward basis. VBL plans to raise new equity capital to partly fund the deal. We have not factored this into our forecasts as we await further details. The deal is expected to be EPS-accretive by CY20. We expect ROE to rise to 19.5% in CY20 from 15% in CY18. In our view, VBL should command valuations similar to other consumer franchise...