Ritesh,
ROE's have always been low even prior to IPO when K12 exposure had nto happened - and what does the promoter do with a Rs. 220 cr. loan is something that's beyond me - that's a lot of money to be taken out through a pledge -
Pledging was at an all time high just before QIP and reduced drastically - how, how did he repay Rs. 60 Cr. in one quarter (sum that's large enough even for an ambani).High pledging with money taken out for personal use just before QIP at an exalted price coupled with a crash immediately thereafter , a huge fall in pledging and repayment thereafter, points to some possibilities that we ought to think about. It means the promoter needed a lot ofmoney for a small period of time just before QIP.
I have no idea still why promoter needed Rs. 200 Cr. for himself and how he repaid it so quickly after QIP. Your calculation raises more questions than answerrs
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