Description
DSK Shareholders Trust announces offer for sale of 5,00,000 equity shares (5% of total equity capital) of D.S. Kulkarni Developers Limited through stock exchange mechanism at floor price of Rs. 10 per share.
Summary
DSK Shareholders Trust (acting through trustees Mr. Ranjit Raghunathan and Mr. Umesh Kankaria), a non-promoter shareholder, has announced an Offer for Sale (OFS) of up to 5,00,000 equity shares of D.S. Kulkarni Developers Limited, representing 5% of the company’s total equity share capital. The OFS will be conducted through the stock exchange mechanism on BSE and NSE. All eligible bidders will be allotted shares at a fixed floor price of Rs. 10 per equity share. The offer aims to achieve minimum public shareholding requirements in accordance with SEBI regulations and follows the NCLT Mumbai order dated June 23, 2023 approving the resolution plan.
Key Points
- Seller: DSK Shareholders Trust (Non-Promoter shareholder) through trustees Mr. Ranjit Raghunathan and Mr. Umesh Kankaria
- Company: D.S. Kulkarni Developers Limited
- Offer Size: Up to 5,00,000 equity shares (5% of total equity capital)
- Face Value: Rs. 10 per equity share
- Floor Price: Rs. 10 per equity share (fixed for all eligible bidders)
- Trading Platform: BSE and NSE through separate designated OFS window
- Regulatory Framework: SEBI OFS Circular (SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024)
- Legal Basis: NCLT Mumbai order dated June 23, 2023 approving resolution plan
Regulatory Changes
This OFS is conducted in compliance with:
- SEBI Master Circular for stock exchanges bearing reference SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024
- BSE Revised Operational Guidelines for OFS (notice 20240701-19 dated July 1, 2024)
- NSE Revised Operating Guidelines for OFS (circular 93/2024 dated July 12, 2024)
- NCLT Mumbai order dated June 23, 2023 approving the resolution plan
The offer is being undertaken to achieve minimum public shareholding requirements as per regulatory norms.
Compliance Requirements
- For the Seller: Conduct OFS through designated stock exchange window as per SEBI and stock exchange guidelines
- For Stock Exchanges: Facilitate the OFS mechanism through separate designated windows on BSE and NSE
- For Investors: Non-retail investors participate on T Day, retail investors participate on T+1 Day
- Allotment: All eligible bidders to be allotted shares at floor price of Rs. 10 per equity share only
- Objective: Achievement of minimum public shareholding norms
Important Dates
- December 04, 2025: Notice issued to BSE and NSE
- December 05, 2025 (T Day): OFS opens for non-retail investors only
- December 08, 2025 (T+1 Day): OFS for retail investors and non-retail investors who choose to carry forward unallotted bids from T Day
- June 23, 2023: NCLT Mumbai order approving resolution plan (reference date)
Impact Assessment
Market Impact: Medium impact as this is a relatively small OFS of 5% equity stake. The fixed floor price of Rs. 10 per share eliminates price discovery volatility typically associated with OFS events.
Investor Impact: Provides opportunity for retail and institutional investors to acquire shares in D.S. Kulkarni Developers at a predetermined price of Rs. 10 per share. The staggered bidding schedule (T Day for non-retail, T+1 for retail) follows standard OFS procedures.
Company Impact: Helps the company achieve minimum public shareholding compliance as required by SEBI regulations. The sale by a non-promoter shareholder (DSK Shareholders Trust) does not affect promoter holding but increases public float.
Regulatory Impact: Transaction demonstrates compliance with SEBI’s OFS framework and follows the approved resolution plan under NCLT supervision, indicating structured approach to shareholding restructuring.
Impact Justification
Medium importance as this is a non-promoter OFS of 5% equity stake to achieve minimum public shareholding compliance. Fixed floor price of Rs. 10 limits price discovery impact. Relevant for investors interested in D.S. Kulkarni Developers.