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Magnum corporation issued 400,000 OMR 1 equity shares with a current market value of OMR...

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Accounting

Magnum corporation issued 400,000 OMR 1 equity shares with a current market value of OMR 4.50 each during the year 2019. It offers a rights issue of 3 for 5 shares at an offer price of OMR 3. The offer is fully taken up by all shareholders. Determine the amount raised through Rights issue.
a.
1,200,000 OMR
b.
None of the options
c.
1,080,0000 OMR
d.
720,000 OMR

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