Intermediate Investment Holdings Limited (IIHL), the largest shareholder of Chappal Energies, has expressed caution regarding the proposed $100 million rights issue, despite an 'air of optimism' surrounding the company's prospects. IIHL acknowledges Chappal's need for additional capital but raises legitimate questions about funding certainty, transaction economics, compliance, governance, and whether the proposal adequately finances the company's long-term development strategy. The shareholder's scepticism is not opposition to recapitalisation but a call for careful consideration of the financing terms.
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