There was no logic to have right issue. An active investor also had to keep a track of the dates when rights would be available for application and it becomes difficult to track. For retail shareholders who do not track market, it is impossible and in my opinion it was not a prudent decision by company to have a right issue.
Fund raising doesnt seem to be the intent here.
There is no point in defending management here.
I am invested in Sandur (in small capacity) but cannot justify this action of the management.
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