3. A company issues 100 lakh debentures at a price of 100 each, attached with warrants at 5 each. The debenture holders are entitled to buy one equity share for two debentures, after two years, at *60 each. The current market price of the company's shares is *45. What are the consequences of warrants on the company cash flows and EPS now and after the warrants are exercised by the debenture holders? Show calculations.