The Hindu Business Line : D.S. Kulkarni plans Rs 550-cr public issue

D.S. Kulkarni Developers Ltd, a real estate development company, is re-entering the capital market with a follow-on public issue of 55 lakh equity shares to raise funds for its new residential and commercial real estate projects, according to Mr Sanjay Deshpande, Joint Managing Director.The company hopes to raise Rs 550 crore, he said.

The price of the shares, which would have a face value of Rs 10, would be determined through the book-building process and would be part of a composite issue of 110 lakh equity shares. The issue opens on April 25, and closes on May 3.

Of the 55 lakh shares, the promoters' contribution will be 6,40,155 equity shares, and employees' reservation is set at 1.1 lakh, resulting in a public offering of 4,749,845 equity shares.

Mr Deshpande told the press that the projects, nine in number, are at various sites in Mumbai, Pune and Bangalore, and comprise over 39 lakh sq ft in total. They are in various stages of construction, and would be completed by 2009, he said. The estimated cost of these projects is Rs 555.23 crore, of which the company has already deployed Rs 115.79 crore as of February 28.

The DSK Group has constructed more than 15,000 homes totalling over 1.25 crore sq ft space in Mumbai and Pune, said a release.

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D.S. Kulkarni plans Rs 550-cr public issue