Bright Limited is evaluating a capital project requiring an outlay of Rs. 500 crores. It is expected to generate a net cash inflow of Rs. 138 crores per year for 6 years. The opportunity cost of capital is 15 percent. Bright Limited can raise a term loan of Rs. 300 crores for the project, carrying an interest rate of 13 percent per year payable annually. The principal amount will be repayable in 6 equal annual instalments commencing from the end of the first year of operations. The balance amount required for the project can be raised by issuing external equity. The issue cost is expected to be 5 percent. The effective tax rate for Bright Limited is 31 percent. (i) What is the base case NPV? (ii) What is the adjusted NPV if the adjustment is made only for the issue cost of external equity? (iii) What is the present value of the tax shield?