What about Minority Shareholders’ Rights in a Preferential Issue?
PNB Housing Finance Ltd has been in the news last week. A private equity (PE) fund and its associates wanted control over it by issuing shares to themselves at a price that is, perhaps, legally correct. Since it happens to be below the ‘fair value’ and no control premium has been factored in, it appears like a very poor price for the company to dilute equity and also unfair to minority...
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