Description

NSE announces resumption of trading in DS Kulkarni Developers Limited effective December 02, 2025 for limited purpose of achieving Minimum Public Shareholding compliance through Offer for Sale mechanism following NCLT-approved resolution plan.

Summary

NSE has admitted DS Kulkarni Developers Limited to trading on the Capital Market segment following implementation of its resolution plan under Insolvency & Bankruptcy Code, 2016. Trading in 5,00,000 equity shares will resume from December 02, 2025 for the limited purpose of achieving Minimum Public Shareholding (MPS) requirements through an Offer for Sale (OFS) mechanism. The resolution plan was approved by NCLT Mumbai on June 23, 2023, resulting in capital restructuring with 95,00,000 shares allotted to the resolution applicant and 5,00,000 shares to DSK Shareholders Trust. Regular trading will commence only after MPS compliance is achieved.

Key Points

  • Trading symbol: DSKULKARNI (ISIN: INE891A01022)
  • Face value and paid-up value: Rs. 10/- per share
  • Market lot: 1 share
  • Trading resumption date: December 02, 2025
  • Limited purpose: Achieving 5% Minimum Public Shareholding compliance only
  • Total equity shares post-restructuring: 1,00,00,000 shares (95,00,000 to resolution applicant, 5,00,000 to DSK Shareholders Trust)
  • OFS mechanism will be used by promoters for MPS compliance
  • Separate notice to be issued for OFS details and subsequent regular trading commencement

Regulatory Changes

  • Implementation of resolution plan under Insolvency & Bankruptcy Code, 2016
  • Capital reduction pursuant to NCLT order dated June 23, 2023
  • Trading resumption aligned with SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 regarding MPS compliance for companies under IBC
  • Compliance with Rule 19A(5) of Securities Contracts (Regulations) Rules, 1957 for MPS requirements

Compliance Requirements

  • Company must achieve 5% public shareholding through OFS mechanism
  • Promoters to conduct Offer for Sale for achieving MPS compliance
  • Company must complete other formalities as required by NSE
  • Lock-in details to be provided post MPS compliance and trading approval
  • Trading members must note the limited purpose of trading until MPS compliance is achieved

Important Dates

  • November 28, 2025: Circular issued
  • December 02, 2025: Trading resumption (effective date) for limited purpose of MPS compliance
  • June 23, 2023: NCLT Mumbai approval of resolution plan
  • September 21, 2023: Record date for capital reduction pursuant to NCLT order
  • Post-OFS completion: Regular trading commencement (date to be notified separately)

Impact Assessment

Market Impact: High - This represents a significant corporate restructuring event under IBC with trading resumption after resolution plan implementation. The limited trading window for MPS compliance creates a unique market situation.

Shareholder Impact: Critical for existing shareholders as capital restructuring has resulted in significant dilution with 95% shares allocated to resolution applicant. The 5,00,000 shares (5% of total) held by DSK Shareholders Trust will be available for OFS to achieve public shareholding norms.

Operational Impact: Trading will be restricted initially to OFS mechanism only. Regular trading will commence only after achieving 5% public shareholding, which may take time depending on OFS execution. Market participants should monitor separate notices regarding OFS schedule and regular trading commencement.

Precedent Value: This circular demonstrates the process for trading resumption of companies emerging from IBC resolution, serving as reference for similar cases.

Impact Justification

High impact due to trading resumption of company under IBC resolution plan with specific limited purpose for MPS compliance. Significant for existing shareholders and market participants tracking insolvency resolutions.