announcement out , page-106

Hey Erich,

found this on page 5

" Whilst debt financing will be used to reduce the dilutionary effects on shareholders for financing 70% of any capex requirements, it is envisaged the 30% equity component of such project finance could include a rights issue for all shareholders to participate in, including Nmdc "


Hope you understand distinction between debt versus equity.
Debt finance doesn't dilute
Equity finance does dilute when all shareholders cannot participate equally.
Nmdc have 50% of Legacy shares- will participate in rights issue.
Of the other 50% of Legacy holders, not many can. These will be the diluted holders.


Also, Yanlin and DGH44 suggested the 70:30 ratio exists for a reason. My interpretation of their statements means that financiers will not lend the 70% before the 30% 'hurt money' is supplied.

So to get this 70%, would the 30% have to be raised by Legacy in one massive cr, or raised by a series of 'progress payments' ?