Royal Industries Ltd is planning to raise $50$ lakhs through one of the three possible financing plans. The options are as follows:

a$)$ Entirely through equity shares of $100$ each

b$)20$ lakhs through equity shares of $100$ each and $30$ lakhs by issuing $14\%$ debentures

c$)30$ lakh$$ through equity shares of $100$ each and $20$ lakhs by issuing $15\%$ preference shares.

The company's expected EBIT is $18,70,000.$ Assuming a tax rate of $30\%,$ which plan would you advise?