Ann: Exclusive Option Agreement to Acquire Balance of TSi India-TSN.AX, page-137

No, giving 48M + shares values TSi more highly and surely TSN too even using your logic. I read it that Mohnish and Deepak get 7% of the diluted share capital in TSN and additionally get 8%, that is how I get 15%.

You could try thinking about the 7% ESOP pool of TSi India which is being cancelled so that only 93% are being paid for, but at the end of the day 100% get acquired in one way or another and 7% share capital in TSN goes to Mohnish and Deepak. So, when you simplify the terms it seems to me that it equals 48M + 7% TSN + 8% TSN. I'm not sure exactly when "post-option transaction" is.

I'm not making any claims as to how this will be funded, I only gave an example of 48M debt to keep things simple. Earlier in this thread I gave an example of 48M issued entirely in shares. It just makes it easier to think about the consequences without mixing the two together.