XY Ltd., is interested in expanding its operation and planning to install a unit at US. For the proposed project, it requires a fund of $ 15 million…

XY Ltd., is interested in expanding its operation and planning to install a unit at US. For the proposed project, it requires a fund of $ 15 million (net of issue expenses/floatation cost). The estimated floatation cost is 3%. To finance the project it proposes to issue GDRs. You as a financial consultant is required to compute the number of GDRs, to be issued and cost of the GDR with the help of following additional information. (i) Expected market price of share at the time of issue of GDR is 350 (Face Value - 100). (ii) 3 shares shall underly each GDR and shall be priced at 6% discount to market price. (iii) Expected Exchange Rate 84/$. (iv) Dividend expected to be paid is 10% with growth rate of 8%.