FY18 New business and pipeline (not factored in FY17), page-15

http://www.investopedia.com/ask/answers/05/debtcheaperthanequity.asp

"Debt is cheaper than equity" is the axiom. Obviously, there are extremes at both ends and you can cherry pick data all you want. And obviously some businesses use equity because they don't have the cash flow to maintain BAU operations.

However, if you have a choice and the rates are reasonable, it's generally better to use debt to grow your business than equity.

You might knock an MBA but remember that corporate action decisions like this are made by management. Do you want to sell part of your potentially very profitable business to get some quick cash? 10 years down the track, that equity could be worth a LOT more than whatever rate you borrow at. Running the exact numbers and modelling for scenarios is what finance/strategy might do, but the decision itself is for management because it requires people who think at the big picture level.