Continuous allocation of warrants at lower rate than market and conversion of that to shares on a latest date will increase the number of shares, thus reducing (or not increasing) the Earnings Per Share proportionately even when net profits is elevated. The end result is that even when promoters are not suffering, retail or public share holders will not get the return they could have got if there were no dilusion.
On the other hand, bonus shares or dividends etc everyone gets benefitted not just promoters.
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