8. Turant Pharma is thinking of diversifying its business in the field of energy. The firm has decided to make a capital expenditure of 35 crore in an energy project. The project is expected to yield a positive net present value of 25 crore. The firm is also considering a payment of dividends of 20 crore. The internal funds available with the firm are 10 crore. It has a paid-up share capital of *50 crore divided into 5 crore shares of 10 each. The current price of the firm's share is *25. The firm has not borrowed funds in the past, and would continue with this policy in the future. Given the firm's capital expenditure and the policy of zero borrowing, show the implications of the payment of dividends for the shareholder value. Will your answer be different if Turant decides not to pay any dividends? Assume no taxes and no issue costs.