@Vishal_Jajoo Can you please help where we can check the acceptance ratio, once the offer is closed? Any link for BSE / NSE?

Harsh,

1. These are some facts that I came across while researching about the company.
2. These are more facts and less opinions.
3. Previous posts do not talk about unrelated firm called Eldeco real estate limited.
4. Previous posts do not talk about cheap interest rates on loans.
5. Previous posts do not talk about the ownership of brand trademark.
6. Multiple previous posts are expressing opinions on promoter group, even calling it “shady”.
7. I dont think it is illegal to form opinions based on facts.

I am sharing few facts that i came across while reading about some of the projects of Eldeco.

This is a project in Noida

First i was happy that Eldeco is doing a project which is selling it around 10-11000 per sqft.(checked offline)
After taking a closer look came across this

This project is using ELDECO brand name but is not a subsidiary of the listed entity. It is a separate company called Eldeco infrastructure and properties limited having the same KMPs.
Reading through the annual report, i found that this company owes ~50 crores to the listed company and accrues interest at 8% pa.
8 percent!!!

Also this 3rd party companies owns 0.51% stake in listed company. Which roughly translates to 50 crores.

Speaks a lot about intention. The related party could have sold its 0.51% stake to repay that cheap loan.

One more mystery that i encountered was eldeco la vida bella project.

This project is on their website. This project is currently quoting 10,500-11,500 per sq ft in market.(checked offline) But the promoter of this project is entirely a new firm called Eldeco Real Estate ltd, which is neither subsidiary nor related party as per annual report of the listed firm.

Tens of high realization projects are being done outside of the listed entity and all are using ELDECO brand name. As per zauba, the directors of this company are not KMP of the listed firm.
https://www.zaubacorp.com/company/ADHIKARI-INFRASTRUCTURE-AND-BUILDERSLIMITED/U45400DL2007PLC163848#:~:text=Directors%20of%20Eldeco%20Real%20Estate,Gupta%20and%20Vimal%20Kumar%20Behl.

Then why this project is listed on Eldeco group website? Why are they using same logo? According to govt data eldeco trademark is owned by the listed firm

No royalty is being paid to listed firm either from related party (Eldeco infra & properties ltd) or the unrelated party (Eldeco real estate limited).
These are only 2 projects that i have discussed. Please do your own research before trusting your money with such promoter.

Warren Buffett has famously categorized businesses into three types: Great, Good, and Gruesome. Great businesses require little to no capital to grow (asset-light) and generate consistently high returns on capital while maintaining a durable competitive advantage. Good businesses deliver reasonable returns on capital but demand ongoing capital investment to fuel their growth. Gruesome businesses, on the other hand, are capital-intensive and produce poor returns on capital.

In this framework, Anand Rathi Wealth Limited stands out as a Great business. It operates with an asset-light model, demonstrates a high return on capital, and benefits from a robust competitive edge in the wealth management industry.

I have added Bharat Invit (assuming that the remaining quarters, will continue with same distribution, as their recent annoucement…in fact, that is their guidance as well) to the table