Sumit,
Imho, equity raising was very prudent decision. Had they taken debt, thought interest on debt is tax deductible, but along with interest principal will also have be to repaid in due course, that would take away minimum 300 crores (200 cr debt and 100 cr approx. interest) from balance sheet of suven. And in case of failure, this would be too huge burden.
Think it in other way, though as per accounting practice they will be debiting this research expense in PL, but actually it is not being paid from profits of suven. They have issue fresh equity of Rs. 200 crores and this is being used. Thus there is not strain on Balance sheet for that expense.
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