The 1% stake acquired by management after minority shareholder failed to subscribed their porttion of right issue of Rs 10 per share. So, it is not that management allotted themselves shares at Rs 10 and not given opportunity to other shareholder. In fact, right issue offer document categorically has disclosure that in case right issue remained unsubscribed by the other shareholder
In case minority shareholder have no cash to subscribe, still s/he could have sold his/her entitlement in secondary market and get his/her share of benefit of rights at lower price. Enclosed BSE trading screen for Sandur Right entitlement.
I believe this are sufficient disclosure and hence consider managmeent clean in my understanding. Further, shareholder also got option to subscrite in right at same term and also encash their entitlement in secondary market (in case having on interest to subscribe to right). If they are not watchful, at least, management shall not be blamed for their inaction in my view.
Finally, We shall agree now to close discussion on this point and continue hold diverse view about management, which is fine in my view.
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