C Ltd. and P Ltd. both companies operating in the same industry decided to merge and form a new entity S Ltd. The relevant financial details of the two companies prior to merger announcement are as follows: Annual Earnings after Tax (* lakh) No. Shares Outstanding (lakh) PE Ratio (No. of Times) C Ltd. 10,000 4,000 8 P Ltd. 5,800 1,000 10 The merger will be affected by means of stock swap (exchange) of 3 shares of C Ltd. for 1 share of P Ltd. After the merger it is expected that due to synergy effects, Annual Earnings (Post Tax) are expected to be 8% higher than sum of the earnings of the two companies individually. Further, it is expected that P/E Ratio of S Ltd. shall be average of P/E Ratios of two companies before the merger. Evaluate the extent to which shareholders of P Ltd. will be benefitted per share from the proposed merger