At the time of the announcement, the deal valued the Consumer business at ~18x FY19 EBITDA, implying an EV of INR57.6b (INR226/share). As a result, the value/share of the consumer business being transferred to TGBL stands at INR342/share. Against this backdrop, we attempt to analyze the valuation at which the residual business is available. We back calculated the valuations at which the residual business is available factoring in the current market prices. According to our calculations, the enterprise value post demerger adjusts for the value of Rallis, quoted investments and value of TGBLs shares to be received by the shareholders of TTCH. We also adjusted EBITDA post the demerger of the Consumer business and Rallis (we have excluded Rallis EBITDA as we have done the same in our EV calculation). Thus, the residual business is available at 4.4x/3.7x FY20/21E EV/EBITDA.