Given the lack of liquidity in the stock, this discussion is perhaps mute.
One other difference between the two approaches is that on a rights issue the money goes into the company rather than into the hands of a selling shareholder. More money into the company adds to the security of the company and the value of your entire holding.
This assumes the underwriting will not cover any shortfall.
why take up entitlemnt? buy on market instead?, page-4
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