A CFO of a company with a market capitalization of $1B. The firm has 132 million shares outstanding, so the shares are trading at $10.68 per share. Each existing shareholder is sent one right for every share he or she owns. The CFO has not decided how many rights he will require to purchase a share of new stock. He will require either 2 rights to purchase one share at a price of $6.59 per share, or 5 rights to purchase two new shares at a price of $7.45 per share. How much money will the first approach raise?
NOTE: Answer in Millions. If your answer is 403.2799M, answer 403.28