And since they are doing something so unethical, the big investors will sell this share (they are more likely to apply for rights share/excess share).
The above numbers i have quoted for public are somewhat reflective of a normal rights issue. (And promoter can’t increase his shareholding at throwaway prices) Here though, i believe many more people will apply for excess shares, so maybe the promoter plans actually falls out. But again promoter doesn’t have much to lose except his reputation that is.
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