Mind Tree Ltd$.$ belongs to an industry in which equity shares sell at par on the basis of $10$ per cent dividend yield provided the net tangible assets of the company are $240$ per cent of the paid up equity capital and provided that the total distribution of profit does not exceed $55$ per cent of the profits. The dividend rate fluctuates from year to year in the industry. The balance sheet of Mind Tree Ltd$.$ stood as follows on $31\mathrm{.}3\mathrm{.}2022$:

Liabilities:$-$

$9\%$ Preference share Capital Rs $4,00,000$

Equity Share Capital Rs $10,00,000$

P&L a$/$c Rs $4,00,000$

$8\%$ Debentures Rs $1,00,000$

Current Liabilities Rs $6,00,000$

Assets :$-$

Goodwill $-$ Rs $3,00,000$

FA less Depreciation $-$ Rs $14,00,000$

Investment $-$ Rs $3\mathrm{.}50,000$

Current Assets $-$ Rs $4,30,000$

Preliminary expenses $-$ Rs $20,000$

The company has been earning on the average $3,00,000$ as profit after debenture interest but before tax which may be taken at $30$ per cent. The rate of dividend on equity shares has been maintained at $15$ percent in the past year and is expected to be maintained. Determine the value of equity shares assuming that the market value of fixed assets $($excluding goodwill$)$ is Rs $$18,00,000.