Trading Question - need assistance

A $100 million portfolio has a beta to the S&P of 1.20. The S&P 500 index is at $1,200. A put option on the S&P 500 index is available for hedging and has a delta of -0.3. How many put options should be bought to reduce the total portfolio exposure to have the same risk as a $50 million investment in the S&P 500?

Thanks

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