Please correct me if my understanding is incorrect.
In case original shareholders (Mr. Raja and others) were not having money to subscribe Right issue, rather than Mr. VP Nandkumar & Mr. Babu subscribing those available rights, Manappuram too was eligible to apply for these available additional rights. And if Manappuram would have subscribed these, promoters would have got indirect benefit.
But subscribing direct, they got preference over rest of shareholders of Manappuram like FIIs, DIIs, Retail shareholders.
Here quantum of direct holding by Promoters vs that of Manappuram must not be that material when it comes to doing right things in right spirit & intention.
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