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 on December 05-08, 2025 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 5.00% of the company’s total equity share capital. The OFS will be conducted through the stock exchange mechanism on BSE and NSE at a fixed floor price of Rs. 10 per equity share. The offer is being undertaken to achieve minimum public shareholding requirements as per NCLT Mumbai branch order dated June 23, 2023 approving the resolution plan.

Key Points

  • Seller: DSK Shareholders Trust (Non-Promoter shareholder)
  • Trustees: Mr. Ranjit Raghunathan and Mr. Umesh Kankaria
  • Sale Shares: 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 Mechanism: Stock exchange OFS window on BSE and NSE
  • NCLT Approval: Order dated June 23, 2023 approving resolution plan
  • Regulatory Framework: SEBI OFS Circular (SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024)

Regulatory Changes

The OFS is conducted in compliance with:

  • SEBI Master Circular for stock exchanges (reference number SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024)
  • BSE Revised Operational Guidelines for 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 branch order dated June 23, 2023

Compliance Requirements

  • Objective: Achieve minimum public shareholding requirements
  • Restriction: Not for distribution in United States (except to Qualified Institutional Buyers as defined in Rule 144A under US Securities Act of 1933)
  • Process: Conducted through separate designated window of stock exchanges
  • Allotment: All eligible bidders will be allotted OFS shares at the floor price of Rs. 10 per equity share only

Important Dates

  • Notice Date: December 04, 2025
  • T Day (Non-Retail Investors Only): December 05, 2025
  • T+1 Day (Retail Investors and carry-forward Non-Retail bids): December 08, 2025
  • NCLT Order Date: June 23, 2023 (resolution plan approval)

Impact Assessment

Market Impact: Medium - The OFS of 5% equity capital is a moderate-sized offering that will increase public float in D.S. Kulkarni Developers Limited. The fixed floor price of Rs. 10 (equal to face value) provides price certainty and limits potential market volatility.

Public Shareholding: The primary objective is to achieve minimum public shareholding norms, indicating the company is working towards regulatory compliance post-NCLT resolution plan approval.

Investor Access: Two-day bidding structure allows both retail and non-retail investors to participate, with non-retail investors having first access on T Day and retail investors joining on T+1 Day.

Company Status: The reference to NCLT resolution plan approval suggests the company has undergone corporate restructuring/insolvency resolution, which investors should consider in their decision-making process.

Impact Justification

Medium-sized OFS representing 5% of equity capital to achieve minimum public shareholding requirements. Fixed floor price at Rs. 10 limits market impact. Company under NCLT resolution plan.