Description

DSK Shareholders Trust announces Offer for Sale of 5,00,000 equity shares (5% of total equity) of D.S. Kulkarni Developers Limited through stock exchange mechanism at floor price of Rs. 10 per share.

Summary

DSK Shareholders Trust (the Seller), 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 5.00% of the company’s total equity share capital. The OFS will be conducted through the stock exchange mechanism on BSE and NSE. The offer is priced at a floor price of Rs. 10 per equity share, with all eligible bidders receiving allotment at this price. This OFS is being undertaken to achieve minimum public shareholding requirements and follows the NCLT Mumbai order dated June 23, 2023 approving the resolution plan.

Key Points

  • Seller: DSK Shareholders Trust (acting through trustees Mr. Ranjit Raghunathan and Mr. Umesh Kankaria)
  • Company: D.S. Kulkarni Developers Limited
  • Offer Size: Up to 5,00,000 equity shares (5.00% of total equity capital)
  • Face Value: Rs. 10 per equity share
  • Floor Price: Rs. 10 per equity share (fixed for all eligible bidders)
  • Trading Mechanism: Stock exchange mechanism through BSE and NSE
  • Seller Status: Non-Promoter shareholder
  • Regulatory Framework: SEBI OFS Circular (SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024)
  • NCLT Approval: Order dated June 23, 2023 approving resolution plan

Regulatory Changes

This OFS is conducted in accordance with:

  • SEBI Master Circular for stock exchanges bearing reference number SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024
  • BSE “Revised Operational Guidelines for Offer for Sale (OFS) Segment” (notice no. 20240701-19 dated July 1, 2024)
  • NSE “Revised operating guidelines of Offer for Sale” (circular no. 93/2024 dated July 12, 2024)
  • NCLT Mumbai order dated June 23, 2023 approving the resolution plan

Compliance Requirements

  • The OFS is being undertaken to achieve minimum public shareholding requirements as per applicable regulations
  • The offer will be conducted through a separate, designated window of the Stock Exchanges
  • All bidding and allocation procedures will follow the OFS Guidelines issued by SEBI and the Stock Exchanges
  • Non-Retail and Retail investors will have separate bidding windows as per the OFS mechanism

Important Dates

  • T Day (December 05, 2025): OFS bidding for non-Retail investors only
  • T+1 Day (December 08, 2025): OFS bidding for Retail investors and for non-Retail investors who choose to carry forward their unallotted bids from T Day
  • Notice Date: December 04, 2025

Impact Assessment

Market Impact: The OFS of 5% stake will increase the public float of D.S. Kulkarni Developers Limited, improving liquidity and compliance with minimum public shareholding norms. The fixed floor price of Rs. 10 per share (at face value) provides a clear entry point for investors.

Investor Opportunity: Both Retail and non-Retail investors will have the opportunity to acquire shares at the floor price through the transparent stock exchange mechanism.

Company Impact: This transaction will help the company achieve regulatory compliance regarding minimum public shareholding requirements, following the NCLT-approved resolution plan. The OFS by a Non-Promoter shareholder indicates stake restructuring post-resolution process.

Liquidity Impact: The staggered bidding process (T Day for non-Retail, T+1 for Retail and carry-forward bids) ensures orderly price discovery and allocation across investor categories.

Impact Justification

Significant OFS of 5% stake in D.S. Kulkarni Developers to achieve minimum public shareholding; impacts existing shareholders and provides liquidity opportunity for investors at fixed floor price