NLT has 2 million shares outstanding and the current share price is $12 per share. The company announced to launch a rights offering where each share is given one right and shareholders can purchase one share at $10/share for every 4 rights. Assuming all shareholders will participate, the total equity value of NLT post rights issue is closest to

Select one:

a. $20m

b. $23m

c. $32m

d. $24m

e. $29m