Hendra Heights Ltd Has 28 000 000 Shares on Issue $\$ 16.8 \mathrm{~m}$

Hendra Heights Ltd has 28 000 000 shares on issue.The company makes a rights issue on the basis of one share for every seven already held.The subscription price for a new share is $4.20 per share.If all rights are taken up such that the issue is fully subscribed,and the current market value of the company's shares is $7.50,what is the amount raised by the company through the rights issue?

A) $\$ 16.8 \mathrm{~m}$
B) $\$ 30.0 \mathrm{~m}$
C) $\$445.6 \mathrm{~m}$
D) $\$ 450.0 \mathrm{~m}$