ICICI Bank has filed a legal challenge against Mumbai International Airport’s (MIAL) proposed rights issue, alleging it violates prior agreements and could dilute the interests of lenders. In its petition to the Bombay High Court, the bank contends that the rights issue breaches terms designed to protect pledged equity from dilution without lender consent. The dispute stems from loans backed by a stake in MIAL, which the bank argues is now at risk due to the proposed issuance.
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