Our interaction with ATL suggests the action is primarily aimed at strengthening the balance sheet (FY20E total gross debt at | 6,380 crore; debt to equity at 0.6x). Also, the company is not planning any inorganic acquisition or fresh greenfield capex out of the same. As per the company's internal benchmarking, net debt to EBITDA at ~3x levels was approaching the higher end of the comfort range, which necessitated this step. We believe leverage on books, while significant, was not at alarming levels. However, the step is directionally positive for the company and would...