VAGA Edtech Limited is a unicorn in the field of online education. It has a share capital of 12 crore at the face value of 100 each. Company is considering a major expansion of its production facilities and wants to raise 2 crore. The chief financial officer (CFO) of the company has recommended that the company can raise funds of the same amount by issuing 10% debentures. Given that earning per share of the company after expansion is 21 and tax rate is 30%, did the CFO give a justified recommendation? Show the working.