149cr QiP with 10% of it as fundraising expense raises some doubt. Usually for IPO its in 3-7% range, Qip should be much lesser. Incremental 4cr (not mentioned in the offer document) towards Jajodia Equity Advisors Services Limited. Not much info around, unusual for someone who gets 4cr out of nowhere.
#Invested.
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4 Cr for QIP of 149 Cr is 2.68%. Thatâs not very off from the normal. Btw whatâs the source of this expense info?
Suppose he redirected âš10 Cr or âš14 Cr through overpayment to the issue manager, while another promoter infused âš15 Cr by buying a subsidiary with no revenue. In this case, funds flowed out and returned, resulting in a net impact of zeroâassuming the disclosures are accurate.
Very basic question : I am not able to understand why would promoter buy an subsidiary with no revenue for 15 cr.
Why have they not issues more preferential share for the same amount?
CFO resigned, large KMP restructuring. I donât know what these guys are upto.
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Manoj Sharma, CEO of Annapurna Swadisht bought shares worth 48.5 lakhs on 13th March 2025
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CFO is moving internally so not a red flag per se
Wonât read much into this. Digging deep, Ravi Sarda and current CFO pawan jaiswal had sold 4cr worth shares each in 22/23
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The growth story of Annapurna is been fabulous and their vision gives an optimistic outlook but the loans and advances of 28.5 cr (FY 24) and 61cr (Sep 24) is worrying. As per FY24 AR, out of 28.5cr it has given a 3.4cr loan to a corporate and another 7.7cr being categorized as other advances. Wondering what the split for 61cr be?
Would appreciate if some colour is thrown on this.
Comparing Similair Items on blance sheet of FY 24 and Q2 FY 25:
| Particulars | Mar 31 | 2024 ( Lakhs) | Sep 30 | 2024 ( Lakhs) |
|---|---|---|---|---|
| Short Term Loans & Advances | 2858.21 | 1615.52 | ||
| Other Current Assets | 846.13 | 2090.81 | ||
| Long Term Loans & Advances | 994.16 | 4645.66 | ||
| Non-Current Investments | 218.9 | 208.9 |
- Short term Loan and Advances includes: Mar 24 :
- Capex Advance : 595.53L
- Purchase Advance: 834.67L
- Loan to Body Corporates: 332.12L
- Darsh Advisory :380.58L
- Other Advances: 775 L
Q2 FY25: No breakup given
- Other Current Assets includes: Mar 24
- GST Input:372.30L
- Stock of Coins :448.48L
- Salary Advance & Imprest :20.00L
Q2 FY25: Bifurcation not provided
- Long Term Loans & Advances includes : Mar 24: Primarily capex-linked advances
Q2 FY25: Item wise details not available
From above it may be noted that:
1.Company has given loans to Darsh Advisory and a Body Corporate. Inaddition, details of other Advances on Rs 7.74 Cr( FY 24 AR) is not given.
2. There appears a recalssification from Short Term to Long term .
3. Hugh Spike in longterm loans and advances in Sept 24 (Q2 FY 25) may be linked to acquisiton of Madhur Confectioners Pvt Ltd. , ( Acquistion in Nov 24), but difficult to say with certainty or partly may be due to higher advances/ loan for expansion.
Disclosure: Invested and bias
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Any comments on why the shares pledged have increased so much?
Ritesh Shaw (Promoter group) owns 1/3rd. Pledges might be coming from his part for Warrant subs amount of 13cr and an additional 40cr to be paid for exercising them. 83cr QIB at rs. 351 a share.
Biger issue is Cash flow, Merger was funded by QIP at rs 400 dilution, now additional capital raises for a FMCG for BAU is suspicious.
Disc: Big value bet.
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Being a FMCG Company,how come the CFO is negative for the past 2 yrs?
Something is very wrong in this company.
Annapurna promoters pledge has increased to 53% in March 25a sudden rise from 4% in Sept 24 . Management doesnt do any concalls so hard to understand their strategies or logic in some strategies
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