Between equity shares and debentures which is preferable for raising additional long term capital for a manufacturing company?

For a manufacturing company looking to raise additional long-term capital, equity shares may be preferable as they do not require repayment and can provide the company with greater financial flexibility. Equity financing also allows the company to share the risks and rewards with investors, potentially leading to better growth opportunities. However, if the company seeks to maintain control and avoid diluting ownership, debentures might be a better option, as they provide fixed interest payments without affecting equity stakes. Ultimately, the choice depends on the company's financial strategy and market conditions.