At Rs3,500mn for 29 screens (refer above, we believe the deal is structured), the deal is executed at Rs120mn/screen which is 4-5x the industry capex/screen of Rs20-30mn and is an expensive deal. Currently, PVR has a highly leveraged balance sheet (debt to equity ratio of ~1.6x and debt:EBITDA of 3.3x), which makes funding the deal through 100% debt raising difficult. We believe the mix of 70:30, equity: debt funding is ideal in the given situation and does not stress the income statement too much for PVR. The deal will be marginally EPS accretive...