Vinod Ltd. purchased a machine from Laxmi Machines Ltd. for Rs 3,80,000. As per the purchase agreement, Rs 20,000 were paid in cash, and the balance by the issue of shares of Rs 100 each. How many shares are to be issued to Laxmi Machines Ltd. if shares are issued at a premium of 20%?
1
4,000
2
3,000
3
3,800
4
3,600
5
2,000