NUPUR Ltd has equity share capital of ?30 lakhs consisting of fully paid equity shares of ?10 each. Net profit for the year 2013-14 was ?45 lakhs. It has also issued 27,000, 10% convertible Debentures of ?50 each. Each Debenture is convertible into 5 equity shares. The applicable tax rate is 30%. Compute the diluted earnings.

The syllabus (with weightage):
A. GAAP and Accounting Standards 20%
B. Accounting of Business Combinations & Restructuring 20%
C. Consolidated Financial Statements 20%
D. Developments in Financial Reporting 25%
E. Government Accounting in India 15%