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A lot of small investors who had entitlement of 10-15 rights have applied for close to 100-150 shares... roughly 10 times of their entitlement. Still the issue is subscribed ~1.6x. Does this means that one who had applied for 150 shares will get close to 90 shares?

Absolutely no. Oversubscription numbers in a right issue is a misnomer. Say for example, if all right holders apply for thier rights and also pay 60% extra hoping to get more shares, no one will get even one share extra as all are allotted rights with no more shares left. In other words, in a right issue only those shares not subscribed by the right holders are available to be allotted to others having applied over and above thier rights. Those numbers of unsubscribed shares are not available. They will be less than 15 to 20% of rights. Regardless of oversubscription, each shareholder may get at best 1 to 20 shares extra depending on thier original shareholding.