Rho Limited has a net income (PAT) of Rs. 1500 crores and it has 120 crores shares of common stock outstanding. The companys stock currently trades at price to earning ratio of 5. The company is considering a plan where it will use available cash to repurchase 20% of its shares in the open market. The repurchase is expected to have no effect either on net income or the companys P/E ratio. What is the impact of stock purchase on earning per share of Rho Limited? What will be its stock price following the stock repurchase? Explain your answer.