Right issue give pro-rata entitlement to all shareholders holding shares on record date, so per se can not be negative minority shareholder in my view. If price is 4000 and right issue is given at 10 (in same proprtion to holding to every shareholding) the ultimate share pattern remained unchanged. It is like Bonus issue which is issue at nil cost to all shareholder pro-rata.
Further, the minority shareholder who do npt have cash/or find inconveniet to subscribe in right, can sell their entitlement in stock market, which are priced normally at differences of current market price less right issue price adjusted with discount factor. So every shareholder (inclduing minority shareholder) has option to benefit from pro-rata allotment in rights.
Coming to last pointsl about increase in promoter stake, there would some shareolder who did not subscribed to right nor did sale their entitlement. In such case, board is authorised to allocate shares to other member in oversubscription ratio in pro-rata basis. So the increase in shareholding by promoter has not directly resulted as loss to minority shareholder. They may have right from open market (in which case kind of purchase at near market price) or got pro-rata allocation for their higher subscription, at same basis, as other shareholder who over-subscribed. You can ot blame managment for non-action of minority shareholder and increasing capital at lower price, at least, in this case in my view.
Discl: No investment in company. Not SEBI registered advisor. Not recommending any investment action.
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