IPL Ltd had 50,000 equity shares outstanding at the beginning of July 2020 and these shares were traded in a Stock Exchange at Rs. 750 each. The capitalization rate for IPL Limited is 13%. Further details are given below: 1. The net income for the year is Rs. 25 Lakhs and the investment budget is Rs. 1 Crore. 2. Assume that no dividend is declared and the additional fund requirement is financed by new issue of equity shares. If Modigliani- Miller hypothesis holds good, what should be the number of equity shares to be issued by the company