That is a pretty cynical view.  Directors work in all shareholders' interests.  They may have to balance competing interests but generally speaking what benefits the big shareholder benefits the small shareholder - they all want the share value to go up to the maximum extent possible.  The reason that shares might be issued below market price in an offering is that getting a discount helps attract the purchasers - the overall point of the issue is not to benefit the new shareholders but to provide capital for the company to further its strategic aims.  Raising capital is not a decision taken lightly but is done for the furtherance of all sharholder interests.