Taxman Ltd Currently Has 4 500 000 Shares on Issue $\$ 6.80$

Taxman Ltd currently has 4 500 000 shares on issue.Taxman Ltd makes a bonus issue on the basis of one share for every five shares currently held.Before the bonus issue,the company's shares were trading at $8.50.What is the new share price observed in the market (i.e.assuming no adjustment is made) ?

A) $\$ 6.80$
B) $\$ 7.08$
C) $\$ 7.80$
D) $\$8.15$