Odessa Limited has proposed to expand its operations for which it requires funds of $ 15 million, net of expenses which amount to 2% of the issue size. It proposed to raise the funds though a GDR issue. It considers the following factors in pricing the issue, 1. The expected domestic market price of the share is 300 2. 3 shares underlie each GDR 3. Underlying share are priced at 10% discount to the market price 4. Expected exchange rate is 60/$ You are required to compute the number of GDR's to be issued and cost of GDR to Odessa Limited, if 20% dividend is expected to be paid with growth rate of 20%