During the saga of promoter share sales (in last year) , if we remember, promoters had emphasised the merits of selling their shares to release the pledged shares, as a better option for minority shareholders, rather than going in for a preferential allotment or QIP, which would have diluted minority share holding.
The money after repaying the nbfc loans (that were backed by pledged shares, has been lent to the company as interest free loans. And now, this is proposed to be converted into equity through rights issue. If minority shareholders do not participate in the rights issue proportionately, the shareholding of the promoters will increase, with no new money being added by them. They may keep the issue price very low which will benefit them even further.
Had they infused the money as equity (rather than promoter loan) they would have got lesser no. of shares, because issuing equity at below the then market price would have been perceived negatively. And, now they can issue shares to themselves at low price under the pretext of rights issue.
Ofcourse, above is all conjecture, and I may very well be proved wrong if the rights issue is indeed at higher price, in which case it may not find much takers from general public.
PS - promoters in their concalls had mentioned that their loans to the company were at 12.5% compared to nbfc loans of 18-20% (secured by pledge of shares). Hence one needs to be sure that the loans are indeed interest free, which they have claimed subsequently.
Discl - no holding. sold long back as mentioned in earlier posts.