Indell stock has a current market value of $120 million and a beta of 1.70. Indell currently has risk-free debt as well. The firm decides to change its capital structure by issuing $51.06 million in additional risk-free debt, and then using this $51.06 million plus another $10 million in cash to repurchase stock. With perfect capital markets, what will the beta of Indell stock be after this transaction?

The beta of Indell stock after the recapitalization is ??? (Round to two decimal places)