Edelweiss Structured Product Offerings - PWA

Valid for Mar’24

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 About MLD Desk

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 About MLD Desk

2008 ~23,640 Cr. ~7,300 Cr. ~16,340 Cr.

Started Principal Paid back
Gross Issuances* Live AUM
MLD Issuances on or before time*

~3,500 Cr. ~11.42%^ IRR

Avg. Debt IRR – 9.50%
600 Cr. 12,500+ Clients

Returns generated Avg. IRR Across Largest single client Served since
for our clients Equity MLD variants* Since inception inception

*Values since inception as on Mar’23

Back-testing/past performance is not an indication of future returns.

3
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Why LEAP Index
 Investing thesis
 Management team & track record
 Index construction

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Most mainstream equity offerings’ returns are benchmark hugging

Large-cap MF vs Nifty 50 returns

71%
66%

38%
27% 23%19%
20%18%
14%11% 15% 12%10%
7% 7% 10%10% 10%

-7% -9%
-5% -9%
-24%-26%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CAGR - 2011-
21

Large-cap MF Nifty 50

Providing limited opportunities to ‘leap’ beyond index returns for your portfolio

Source: NSE India, Edelweiss Research, AMFI. Large-cap returns are basis category average for the respective year for all active schemes 5
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Offering the agility to identify growth themes and participate in different winners within each cycle

21%
19% CAGR Mar'11-Mar'14
16% 15%

7% 7%
4% 4%
0%

Cons. Staples IT Health Care Cons. Discr. Comm. Services Nifty 50 Financials Materials Energy RE Industrials Utilities
-2%
-6%
-10%

CAGR - Mar'14-Mar'17
29% 27% 25%
22% 22% 20% 19%
15% 13% 13%
11%

Cons. Discr. Health Care Financials Energy Materials Industrials Cons. Staples Utilities IT Nifty 50 RE

Early identification of growth themes that outperform diversified indices by 2-4x on average
Source: NSE India
6
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Building blocks: investment objectives and framework

1 Invest in structural growth companies 2 Stay aligned to evolving trends 3 Manage risk

FUNDAMENTALS GLOBAL MARKETS

Research driven processes: Monitor macro elements

Captive financial models to impacting Indian equities
project performance
FRAME
WORK
Rebalance portfolio and
Corporate connect + Analyst
hands-on risk mitigation basis
community + Channel checks
changing environment

ECOSYSTEM ACTIVE MANAGEMENT

7
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Designed and managed by a team that’s been there and done a lot of that

AJAY VORA NIKHIL RANKA

EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT
Nuvama Asset Management Nuvama Asset Management

 Over 15 years of experience in Fundamental Research and  Over 15 years of experience in Fund Management,
Fund Management Research and Investments
 Fund manager for EDGE Fund with a successful track record  Fund Manager for EDGE fund with a Successful track
navigating the recent geo-political crises record of building portfolio by marrying derivatives with
fundamentals
 Headed the equities desk at the Treasury of India’s largest
conglomerates: Reliance Industries  Scaled the equity AuM at Reliance Industries’ Treasury
to over USD 1bn
 Scaled equity AUM from USD200mn to USD1bn over a
period of 5 years

8
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Leading the creation of a dynamically managed proprietary LEAP index

Growth-focused, actively managed equity index

by Nuvama Asset Managemnet

UNIVERSE
Investment manager has
flexibility to dynamically
manage index from current
universe of ~120 stocks
STOCK SELECTION
Construct an index with
at least 70% large cap
and upto 30% mid &
small cap stocks
 Economic moats
 Competitive edge  Quality management
 Management & governance DIVERSIFICATION  High earnings growth
history Diversified portfolio of visibility
 Cost structure & profitability ~25-30 stocks  High free cash flow
 Valuation & intrinsic value Stock limits: Minimum  Low leverage
weight 2%, Maximum  High return ratios
weight 8% CONTROL  Reasonable valuations
Index maintained by CARE
EDGE – a subsidiary of
India’s premier rating agency

9
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP Portfolio – Feb’24
A look at our index composition PAT Growth
Cash,
Mid Cap, 23%
0% Financials 35% 20% 20%
9% 19%
Industrials 13% 15% 15%

Energy 11%
Large
cap, Consumer cyclical 11%
91%
Consumer Non cyclical 11% FY24E FY25E FY26E

Nifty LEAP
Top 10 index constituents
7.8% 7.8%
PE Ratio
6.2%
5.1%
28.7
3.8% 3.7% 3.7% 3.6% 3.5% 22.6 23.4
3.4% 20.5 20.0
18.1

HDFC BNK RELIANCE LT ICICI BNK FEDERAL ULTRATECH SUN DLF KOTAK AXIS BNK FY24E FY25E FY26E
BANK PHARMA BANK

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws. Nifty LEAP 10
 LEAP EQUITY OFFERINGS

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP EQUITY OFFERINGS

Edelweiss Structured Product

Offerings

LEAP Offerings

LEAP AWE
LEAP AWE PP LEAP AWE NPP LEAP BETA LEAP Equity Booster NPP
2 year

60% absolute return2 if

Upto 29% absolute Upto 66% absolute return2 underlying gives abs return
return2 if underlying Upto 56% absolute return2 if if underlying gives 10% more than 15%
gives 5% absolute underlying gives 10% absolute return over 3 1.65x* of the equity
return absolute return over 3 years; upside 30% absolute return2 if
years; underlying gives abs return
with the same 1x with the same 1x between 7% to 14.99%
with Principal with Principal Protection1 on downside risk as in downside
Protection1 on the the downside equities with principal protection
downside upto fall of -25%

!Principal protection is to the extent of the Face Value of the underlying investment in Market Linked Debenture (MLD) and subject to the credit risk of the Issuer
2Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment; Return is is subject to the credit Risk of the Issuer
*Participation is basis face value
Please refer to specific products for all disclaimer 12
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP AWE 2 Year

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP AWE 2 Year Principal Protected

Grow Without Downside Risk LEAP - AWE 2 Year

• Absolute coupon of 29% if

Make returns1 of upto 29% Your Principal is protected2 on
underlying gives 5% return
if underlying gives absolute the downside
• Complete Principal Protection2 on
5% or more return the downside

1 Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment
2 Principal protection is at maturity; to the extent of face value and subject to credit risk of the issuer
* Alpha generation/upside participation is basis Face Value
14
 How Leap AWE 2 Year works
LEAP index Index Product Investment Redemption Product
Scenarios
level Return Return3 at FV Value IRR5

2800 100% 29.00% 1,00,000 1,29,000 12.0%

Rising market 2520 80% 29.00% 1,00,000 1,29,000 12.0%
2100 50% 29.00% 1,00,000 1,29,000 12.0%
1806 29% 29.00% 1,00,000 1,29,000 12.0%
1540 10% 29.00% 1,00,000 1,29,000 12.0%
1470 5% 29.00% 1,00,000 1,29,000 12.0%
Stable market
1442 3% 17.40% 1,00,000 1,17,400 7.4%
1414 1% 5.80% 1,00,000 1,05,800 2.5%

Assumed entry
level4
1400 0% 0% 1,00,000 1,00,000 0.0%

Principal Protection
1260 -10% 0.00% 1,00,000 1,00,000 0.0%
Falling market
1120 -20% 0.00% 1,00,000 1,00,000 0.0%
700 -50% 0.00% 1,00,000 1,00,000 0.0%
0 -100% 0.00% 1,00,000 1,00,000 0.0%

3 Product returns showcased are for illustrative purposes only. The returns are pre-tax & post-cost
4 Entry level is average of LEAP Index Level on Primary Trade Date & the Nifty F&O expiry of next two months
5 IRR is only for illustrative purpose.

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws. 15
 Strategy details

Leap AWE 27M Principal Protected

Issuer Edelcap Securities Ltd (100% Subsidiary Of ECAP Equities Ltd)
Underlying benchmark LEAP Index - Managed by Nuvama Asset Management
Secured Yes, with a minimum 1x charge against balance sheet assets
Credit Rating Rated PP – MLD – (A+)*
Principal protection Principal is protected at maturity to the extent of face value
Listing Unlisted
Tenor of Investment 2.25 Years
Market Position Tenor 2 Years
Average of closings level of the underlying index as on primary issuance date and next two months F/O
Entry Level
expiries
Average of closings level of the underlying index as on F&O expiry of 22nd month to 24th month from primary
Exit Level
issuance date
LEAP Index Performance Exit level/Entry level – 1
If Underlying return between 0% to 5%: 5.80x of the underlying performance
Product returns1 If Underlying return >= 5%: Fixed coupon of 29%
If Underlying returns <0%: Principal Protection

*Edelcap Securities PP MLDs are rated as CRISIL A+; ACUITE A+ & CARE A+
16
 LEAP AWE Principal Protected

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP AWE Principal Protected

Grow Without Downside Risk LEAP - AWE PP

• Absolute coupon of 56% if

Make returns1 of upto 56% Your Principal is protected2 on
underlying gives 10% or more
if underlying gives absolute the downside
return
10% or more return • Complete Principal Protection2
on the downside

1 Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment
2 Principal protection is at maturity; to the extent of face value and subject to credit risk of the issuer

18
 How Leap AWE Principal Protected works

LEAP index Index Product Investment Redemption Product

Scenarios
level Return Return3 at FV Value IRR5

2240 60% 56.00% 1,00,000 1,56,000 13.5%

Rising market 2184 56% 56.00% 1,00,000 1,56,000 13.5%
1750 25% 56.00% 1,00,000 1,56,000 13.5%
1540 10% 56.00% 1,00,000 1,56,000 13.5%
1526 9% 50.40% 1,00,000 1,50,400 12.4%
1498 7% 39.20% 1,00,000 1,39,200 9.9%
Stable market 1470 5% 28.00% 1,00,000 1,28,000 7.3%
1442 3% 16.80% 1,00,000 1,16,800 4.5%
1414 1% 5.60% 1,00,000 1,05,600 1.6%

Assumed entry
level4
1400 0% 0% 1,00,000 1,00,000 0.0%

Principal Protection
1260 -10% 0.00% 1,00,000 1,00,000 0.0%
Falling market 1120 -20% 0.00% 1,00,000 1,00,000 0.0%
700 -50% 0.00% 1,00,000 1,00,000 0.0%
0 -100% 0.00% 1,00,000 1,00,000 0.0%
3 Product returns showcased are for illustrative purposes only. The returns are pre-tax & post-cost
4 Entry level is average of LEAP Index Level on Primary Trade Date & the Nifty F&O expiry of next five months
5IRR is only for illustrative purpose. 19
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Strategy details

Leap AWE Principal Protected

Issuer Edelcap Securities Ltd (100% Subsidiary Of ECAP Equities Ltd)
Underlying benchmark LEAP Index - Managed by Nuvama Asset Management
Secured Yes, with a minimum 1x charge against balance sheet assets
Credit Rating Rated PP – MLD – (A+)*
Principal protection Principal is protected at maturity to the extent of face value
Listing Unlisted
Tenor of Investment 3.5 Years
Market Position Tenor 3 Years
Average of closings level of the underlying index as on primary issuance date and next five months F/O
Entry Level
expiries
Average of closings level of the underlying index as on F&O expiry of 31st month to 36th month from primary
Exit Level
issuance date
LEAP Index Performance Exit level/Entry level – 1
If Underlying return between 0% to 10%: 5.6x of the underlying performance
Product returns1 If Underlying return >= 10%: Fixed coupon of 56%
If Underlying returns <0%: Principal Protection
*Edelcap Securities PP MLDs are rated as CRISIL A+; ACUITE A+ & CARE A+;
20
 LEAP AWE Non-Principal Protected

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP AWE Non-Principal Protected

Grow Downside as Equities LEAP - AWE NPP

Make returns1 of upto 66% Make absolute coupon of 66% • Absolute coupon of 66% if
if underlying gives absolute if underlying returns more or underlying gives 10% or more
10% or more return equal to 10% return
With similar downside2 risk as • Same downside2 risk as
investment in direct equities investment in direct equities

1 Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment
2 Loss on downside is basis face value and similar to direct exposure in equities

22
 How Leap AWE Non Principal Protected works

LEAP index Index Product Investment Redemption Product

Scenarios
level Return Return3 at FV Value IRR5

2380 70% 66.00% 1,00,000 1,66,000 15.6%

Rising market 2324 66% 66.00% 1,00,000 1,66,000 15.6%
1750 25% 66.00% 1,00,000 1,66,000 15.6%
1540 10% 66.00% 1,00,000 1,66,000 15.6%
1512 8% 52.80% 1,00,000 1,52,800 12.9%
1470 5% 33.00% 1,00,000 1,33,000 8.5%
Stable market
1442 3% 19.80% 1,00,000 1,19,800 5.3%
1414 1% 6.60% 1,00,000 1,06,600 1.8%

Assumed entry
1400 0% 0% 1,00,000 1,00,000 0.0%
level4

1260 -10% -10.00% 1,00,000 90,000 -3.0%

1x downside
Falling market
1120 -20% -20.00% 1,00,000 80,000 -6.2%
700 -50% -50.00% 1,00,000 50,000 -18.0%
0 -100% -100.00% 1,00,000 0 -100.0%
3 Product returns showcased are for illustrative purposes only. The returns are pre-tax & post-cost
4 Entry level is average of LEAP Index Level on Primary Trade Date & the Nifty F&O expiry of next five months
5 IRR is only for illustrative purpose.
23
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Strategy details

Leap AWE Non Principal Protected

Issuer Edelcap Securities Ltd (100% Subsidiary Of ECAP Equities Ltd)
Underlying benchmark LEAP Index - Managed by Nuvama Asset Management
Secured Yes, with a minimum 1x charge against balance sheet assets
Principal protection Principal is not protected
Listing Unlisted
Tenor of Investment 3.5 Years
Market Position Tenor 3 Years
Average of closings level of the underlying index as on primary issuance date and next five months F/O
Entry Level
expiries
Average of closings level of the underlying index as on F&O expiry of 31 st month to 36th month from primary
Exit Level
issuance date
LEAP Index Performance Exit level/Entry level – 1
If Underlying return between 0% to 10%: 6.6x of the underlying performance
Product returns1 If Underlying return >= 10%: Fixed coupon of 66%
If Underlying returns <0%: 1x of the underlying performance

*Edelcap Securities Ltd. is rated as CRISIL A+; ACUITE A+ & CARE A+

24
 LEAP BETA

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP - Beta: A market linked debenture based on a growth-focused actively managed index offering higher alpha to accelerate your returns

Grow Accelerate LEAP - Beta

Positive returns1 on 165% participation* LEAP – Beta offers

LEAP index: on positive returns1 with similar 1.65x* of the equity upside with the
165%* of the index returns, downside2 as in direct equities same 1x downside
uncapped

1 Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment
2 Loss on downside is basis face value and similar to direct exposure in equities
* Alpha generation/upside participation is basis Face Value

26
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 How Leap Beta works

LEAP index Index Product Investment Redemption Product

Scenarios
level Return Return3 at FV Value IRR5

2800 100% 165.00% 1,00,000 2,65,000 32.1%

Rising market 2520 80% 132.00% 1,00,000 2,32,000 27.2%
2240 60% 99.00% 1,00,000 1,99,000 21.7%
1960 40% 66.00% 1,00,000 1,66,000 15.6%
1820 30% 49.50% 1,00,000 1,49,500 12.2%
Stable market 1680 20% 33.00% 1,00,000 1,33,000 8.5%
1540 10% 16.50% 1,00,000 1,16,500 4.5%

Assumed entry
level4 1400 0% 0% 1,00,000 1,00,000 0.0%

1260 -10% -10.00% 1,00,000 90,000 -3.0%

1x downside
Falling market 1120 -20% -20.00% 1,00,000 80,000 -6.2%
700 -50% -50.00% 1,00,000 50,000 -18.0%
0 -100% -100.00% 1,00,000 - -100.0%

3 Product returns showcased are for illustrative purposes only. The returns are pre-tax & post-cost
4 Entry level is average of LEAP Index Level on Primary Trade Date & the Nifty F&O expiry of next three months
5 IRR is only for illustrative purpose.

27 Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Strategy details

LEAP Beta
Issuer Edelcap Securities Ltd (100% Subsidiary Of ECAP Equities Ltd)
Underlying benchmark LEAP Index - Managed by Nuvama Asset Management
Secured Yes, with a minimum 1x charge against balance sheet assets
Principal protection Principal is not protected at maturity
Listing Unlisted
Tenor of Investment 3.5 Years
Market Position Tenor 3 Years
Participation Rate (PR) 165% of underlying LEAP index performance on the upside basis face value
Entry Level Average of closings level of the underlying index as on primary issuance date and next three months F/O expiries
Average of closings level of the underlying index as on F&O expiry of 33rd month to 36th month from primary
Exit Level
issuance date
LEAP Index Performance Exit level/Entry level – 1

Product returns1 Max(0, PR*Underlying Performance) + Min(0, Underlying Performance)

*Edelcap Securities Ltd. is rated as CRISIL A+; ACUITE A+ & CARE A+;

28
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP Equity Booster - NPP

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP Equity Booster - NPP

Grow PP up to fall of 25% LEAP – Binary

• Abs coupon of 60% if underlying

Make returns1 of 60% • Principal Protection till fall of
gives 15% or more return
if underlying gives absolute 25%; • Principal Protection2 on the
15% or more return • If underlying performance is downside upto -25%
-25.01% product returns -30%, • If underlying performance is -
thereafter loss accrues at 0.93x 25.01% product returns -30%,
thereafter loss accrues at 0.93x

1 Realized return on investment may differ depending on the investment timing, due to the difference in purchase value and face value of the security on the date of investment
2 Loss on downside is basis face value
3 Principal protection is at face value and at maturity
30 * Alpha generation/upside Participation is basis Face Value

Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 How Leap Equity Booster works

LEAP index Index Product Investment Redemption Product

Scenarios
level Return Return3 at FV Value IRR5

2100 50% 60.00% 1,00,000 1,60,000 14.4%

Rising market 1960 40% 60.00% 1,00,000 1,60,000 14.4%
1820 30% 60.00% 1,00,000 1,60,000 14.4%
1750 25% 60.00% 1,00,000 1,60,000 14.4%
1610 15% 60.00% 1,00,000 1,60,000 14.4%
Stable market 1540 10% 30.00% 1,00,000 1,30,000 7.8%
1498 7% 30.00% 1,00,000 1,30,000 7.8%

Assumed entry
level4 1400 0% 0% 1,00,000 1,00,000 0.0%

1050 -25% 0.00% 1,00,000 1,00,000 0.0%

Falling market 1049.86 -25.01% -30.01% 1,00,000 69,990 -9.7%
980 -30% -34.67% 1,00,000 65,330 -11.4%
700 -50% -53.33% 1,00,000 46,670 -19.6%

3 Product returns showcased are for illustrative purposes only. The returns are pre-tax & post-cost
4 Entry level is average of LEAP Index Level on Primary Trade Date & the Nifty F&O expiry of next three months
5 IRR is only for illustrative purpose.

31
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 LEAP Equity Booster – Strategy details
LEAP Binary
Issuer Edelcap Securities Ltd (100% Subsidiary Of ECAP Equities Ltd)
Underlying benchmark LEAP Index - Managed by Nuvama Asset Management
Secured Yes, with a minimum 1x charge against balance sheet assets
Principal protection Principal is not protected at maturity
Listing Unlisted
Tenor of Investment 3.5 Years
Market Position Tenor 3 Years
Entry Level Average of closings level of the underlying index as on primary issuance date and next three months F/O expiries
Average of closings level of the underlying index as on F&O expiry of 33rd month to 36th month from primary
Exit Level
issuance date
Binary 1 107% of the initial fixing level
Binary 2 115% of the initial fixing level
If LEAP Abs returns 0% - 6.99%; Principal protection
If LEAP Abs returns 7% - 14.99%; 30% Abs coupon
If LEAP Abs returns more than 15%; 60% Abs coupon
Product returns1
If LEAP Abs returns 0% to -25%; Principal protection
If LEAP Abs returns -25.01%; -30% Abs coupon (1.2x of downside)
If LEAP Abs returns more than -25.01%; the loss accrues at 0.93x
*Edelcap Securities Ltd is rated as CRISIL A+; ACUITE A+ & CARE A+;
32
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Risk factors

 MLDs are issued for a fixed tenor with no

interim exit options for the investor built in.
Liquidity
 There is no assurance that liquidity will be
Risk
available on the same if there are no active
 Rise and fall in the interest rates buyers and sellers.
Interest influences the valuation of debt
Rate Risk securities, which may affect the
value of the investment

 Principal amount, and any other amounts

that maybe due in respect of the debentures
is subject to the credit risk of the Issuer
Repayment  In the event of bankruptcy or similar
Risk
proceedings, the due amount may not be
made or may be substantially reduced or
delayed

*For detailed information about the risks mentioned above and other risks, please refer to the offer document 33
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
About the Issuer  Group Structure
 Functional Roles
 Key Business Matrix
 Core Asset Mix
 About the issuer: Edelcap Securities Ltd, a 100% subsidiary of ECAP Equities Ltd

Edelweiss Financial Services Ltd.

(EFSL)

Asset Asset Balance sheet

Credit Insurance
Management Reconstruction Management Unit
(BMU)

Ecap Equities Limited

(100% subsidiary of EFSL)

Edelcap Securities Ltd

(100% subsidiary of ECAP Eq Ltd)

Edelcap Securities Ltd is the core trading entity of Edelweiss Group

*Data as of Q3 FY24
35
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 More about the issuer: Major functional roles

Investments Arm for the Treasury

Manages the Treasury’s proprietary investments, holding
company for Group’s major subsidiaries

Liquidity Management
Edelcap Invests in high quality liquid assets & maintains the on-tap
liquidity buffer for the Group’s balance sheet

Corporate Investments
Supports Corporate Group Investments across businesses

Being the subsidiary of the treasurer of the group, Edelcap is the core trading entity at a group level

36
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Core asset mix

Equity Investments Rs. 273 Cr.

in Subsidiaries (~42.26%)

Rs. 261 Cr.

Investments Prop Investments
(~40.35%)

Rs. 112 Cr.

Other Assets
(~17.40%)

*Data as of Q3 FY24
37
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Summarised Balance Sheet

Assets Book value Intrinsic Value

Liquid Cash in hand 54 54

Trading Assets 261 261
Stake in Group Companies 273 413
Tax and other assets 58 58
Assets Total 646 786

Liabilities Book value

Loans from Group Companies 187
Other liabilities 46
Equity 413
Liabilities Total 646

Above data as of Dec 23

*Above Numbers have been rounded up
38
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Details of Business Stakes

Businesses Valuation (Cr) Edelcap Stake Book Value (Cr) Intrinsic Value (Cr)

ERFL 400 70% 238 282

Allium Finance Pvt Ltd 130 15% 13 19

EARC 2,250 5% 22 112

Edelcap – Intrinsic Value of Business Stake 273 413

Above data as of Dec 23

*Above Numbers have been rounded up
39
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 P&L at a glance

P&L Q2 FY24 FY23

Interest income 3 16
Fair Value Gains 46 22
Other Income 0 0
Total Revenue 49 38

Finance cost 7 4
Other cost 38 76
Expenses Total 45 80

Profit Before Tax 4 (42)

Deferred Tax (9) 0
Profit After Tax 13 (42)

Above data as of Dec 23

*Above Numbers have been rounded up
40
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
 Key Credit Matrix - Edelcap Securities Ltd.

LEVERAGE
0.45x
(External Debt): Rs. 187 Cr. : Rs. 413 Cr.
(Equity + Internal borrowings)

NETWORTH Rs. 413 Cr

CURRENT RATIO 1.61x

(Current Assets) : Rs. 367 Cr. : Rs. 228 Cr.
(Current Liabilities)

PARENTAGE 100%
Subsidiary of ECAP Eq Ltd

*Data as of Q3 FY24 41
Strictly Private and Confidential- Not for Publication. This is not an Offer Document or Prospectus and does not constitute an Offer under the applicable laws.
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