Answer:
If all the shares offered are taken up then Tardis Intertemporal(TI) will raise = $52 x 2,400,000 = $124,800,000
and, after the capital infusion, the market capitalization of the company will be = ($83.20 x 16,800,000) + $124,800,000 = $1,397,760,000 + $124,800,000 = $ 1,522,560,000
After the new shares are issued the market price should be = $1,522,560,000 / (16,800,000 + 2,400,000) = $1,522,560,000 / 19,200,000 = $79.30
The fair market value of the right should thus be = ($83.20 - $52) / (7 + 1) = $31.20 / 8 = $3.90