Tried to convert to text what I heard. It goes something like this.
“Promoters of Manappuram acquired the shares abdicated by the original shareholders during the rights issue- they don’t want to subscribe; they didn’t have the money. So whatever is the shortfall at the time of the rights issue, a portion has been acquired by Manappuram promoters.”
Given the fact that the promoters were acquiring the shares independently in Ashirvad starting from 2016, could there be any benign explanations for this which does not point out to bad intentions and conflicts of interest?
Invested.