Big dilution - that depends, if a SH exercised all their rights, then their overall proportion of the coy would not have changed, i.e. no dilution.
If the SH took on more shares (oversubscribed) then there would be some dilution.
If you are referring to all the additional shares, then yes, the overall "value" of a BUY share is less - BUT only if you do not include the cash generated.
In other words, what dilution?
rights issue, page-5
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