00:00 We have accessed a letter that Baiju Ravindran wrote to its shareholders.
00:05 This came in late last night, but Baiju has said that the share, the rights issue worth
00:12 about 200 million dollars has been fully subscribed.
00:16 But the caveat here is that not all investors have taken part in it.
00:21 So in the letter, Baiju has basically urged all investors to actually plough in more money
00:27 and take part in the rights issue.
00:30 He has also said that at this point, investing in the rights issue may seem like a Hobson's
00:35 choice.
00:36 So for those who don't know, it's basically Hobson's choice basically refers to the illusion
00:40 of free choice.
00:41 So it might seem like it's mandatory or compulsory to participate in Baiju's rights issue, but
00:48 he said it's the only way to sort of prevent permanent value erosion.
00:55 He also said that the rights issue will help preserve and build greater value for all shareholders.
01:02 And he again, he placed a commitment on the fact that he has always placed his interests
01:07 aside when dealing with Baiju's.
01:10 He said that the 200 million dollars will take care of all the liabilities that the
01:14 company is currently servicing, as well as future growth capital.
01:20 What else was interesting in Baiju's letter to the shareholders was that he will appoint
01:27 two non-executive directors on the board.
01:30 Now the board is currently run entirely by his own family.
01:34 It only consists of his wife, him and his brother.
01:37 So and also the fact that they will be issuing, they will be doing an FY23 audit that's set
01:45 to close by this quarter.
01:47 So interesting developments at Baiju's coming in that we'll continue to track.
01:51 [Music]
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