Equity issuance is a feature, not a bug for lenders. The March 2017 share count you quoted is not relevant since that is pre-IPO. Dilution since IPO is around 18% while EPS has increased 6x and ROE has continuously improved too. This is better than its peers – check Bajaj Finance for e.g. Specifically on ESOPs, dilution in FY23 was 0.07% – how is this large?
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