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Mumbai, March 8

To part finance its nine large residential projects, real estate company DS Kulkarni Developers Ltd (DSKDL) is entering the capital market with a rights issue and a follow-on public issue. The follow-on public issue is likely by the last week of April.

The Rs 60-crore rights issue opens on March 21 and closes on March 30. The company is offering 55 lakh shares at 1:2 ratio. Addressing the media on Wednesday, Mr D.S. Kulkarni, Chairman and Managing Director, DSKDL, said that the company hopes to raise Rs 150 crore from both issues.

The funds would be deployed on nine projects spread over 39 lakh sq ft. "Currently our projects are in various stages of completion in Mumbai, Pune and Bangalore. But we have plans to enter the Hyderabad, Goa and New Delhi markets," he said. "There is a real estate boom in Mumbai and Pune, and individuals are investing in more than one house. We are targeting such customers," he said.

(This article was published in the Business Line print edition dated March 9, 2006)
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