The following list of balances appeared, amongst others, in the books of Peterson $($Pty$)$ Ltd on $31$ December $2023$:

R

Ordinary share capital $($shares issued at R$2$ each$).........................................$

$750000$

Proceeds of $100000$ ordinary shares issued on $31$ October $2023..................$

$200000$

The following decisions were made by the directors on $31$ December $2023$ and must still be recorded in the books of Peterson $($Pty$)$ Ltd:

Capitalization shares must be issued to the ordinary shareholders registered in the share register on $31$ December $2023$ in the ratio of one ordinary share at R$1,50$ for every five ordinary shares held.

REQUIRED:

The value of shares to be capitalised is$?$