As per records the management neither participated in rights nor sold RE and their total share remains same around 50 Lakhs. Due to non participation of rights their percentage is reduced accordingly. So the management hand is clean and they are going to use rights money for
- New oil manufacturing unit costing 10 cr
- Reducing Debt
- 10 Cr for working capital .
Now they have tie up Big basket and D mart. Retailers including HNI bought all the rights and some game going on for accumulation. In couple of quarters due to low equity if the business goes well as per plan the price will surge .
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