DSKDL to enter capital market

Chennai, Apr 21 (UNI)The Pune based D S Kulkarni Developers Ltd (DSKDL) is entering the capital market with a follow-on public issue of 55,00,000 equity shares of Rs 10 each for cash at a price to be determined by a book building process, to raise capital to finance the company's ongoing and new residential and commercial real estate development projects and for general corporate purposes of the company.

Company's Joint Managing Director Sanjay M Deshpande told newsmen here the proposed public issue is to be opened on April 25 and close on May 3. The public issue is part of the composite issue of 1,10,00,000 equity shares comprising the promoters' contribution of 6.40,155 equity shares, a reservation for employees of 1,10,000 equity shares, resulting in a net offer to the public of 47,49,845 equity shares, he added.

To a question, he said the company is now planning to develop nine projects in Mumbai, Pune and Bangalore with over 39 lakh sq. feet under construction and were under various stages of development, at an estimated cost of Rs 555.23 crore. Out of this, they had already deployed a sum of Rs 115.79 crore till February last.

He claimed that they had constructed more than 15,000 homes in Mumbai and Pune. The company had paid a dividend for the last three years.

Mr Madhav Srinivas and Mr Sumit Arora Sr.Vice president and Vice President, respectively of the A K Capital services said the Public issue is being made through 100 per cent book building route.

They said the company's shares were listed on Mumbai stock exchange and National Stock exchange. The equity shares to be issued would also be listed on these exchanges.

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