On January 1, 2020, Ribond issued a 5-year 12%, P10,000,000 with detachable share warrants. Each P2000 bond is attached with 3 warrants. Interest is payable annually every January 1. The yield rate similar bonds with equity components is 15%. The bonds were selling for P11,597,084, ex-warrants, which will yield 8% interest.

The bondholders can purchase 1, P180 par value, ordinary share for P250, for every 2 warrants surrendered.

On April 27, 2023, 1,500 bondholders exercised their right to purchase ordinary shares.

What is the net increase in equity on date of exercise?