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 at floor price of Rs. 10 per share through stock exchange mechanism on December 05-08, 2025.

Summary

DSK Shareholders Trust (non-promoter shareholder) acting through trustees Mr. Ranjit Raghunathan and Mr. Umesh Kankaria proposes to sell up to 5,00,000 equity shares of D.S. Kulkarni Developers Limited, representing 5.00% of total equity share capital, through an Offer for Sale (OFS) mechanism on BSE and NSE. The offer will be conducted at a fixed floor price of Rs. 10 per equity share for all eligible bidders. This OFS is being conducted in accordance with SEBI OFS Circular and Stock Exchange operational guidelines, following NCLT Mumbai’s order dated June 23, 2023 approving the resolution plan.

Key Points

  • Seller: DSK Shareholders Trust (Non-Promoter shareholder)
  • Sale Shares: 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 bidders)
  • Company: D.S. Kulkarni Developers Limited
  • Selling Mechanism: Stock exchange OFS mechanism on BSE and NSE
  • Trustees: Mr. Ranjit Raghunathan and Mr. Umesh Kankaria
  • NCLT approval received on June 23, 2023 for resolution plan
  • Not available for release in United States (except to Qualified Institutional Buyers under Rule 144A)

Regulatory Changes

This OFS is conducted under:

  • SEBI Master Circular reference SEBI/HO/MRD2/PoD-2/CIR/P/2024/00181 dated December 30, 2024
  • BSE Revised Operational Guidelines notice no. 20240701-19 dated July 1, 2024
  • NSE Revised operating guidelines circular no. 93/2024 dated July 12, 2024
  • NCLT Mumbai branch order dated June 23, 2023 approving resolution plan

Compliance Requirements

  • Offer conducted through separate designated window of Stock Exchanges
  • Compliance with SEBI OFS Circular and Stock Exchange Circulars required
  • Restrictions apply for distribution in United States and other jurisdictions
  • All eligible bidders will be allotted shares at uniform floor price of Rs. 10 per share

Important Dates

  • December 04, 2025: Notice date
  • December 05, 2025 (T Day): OFS for non-Retail investors only
  • December 08, 2025 (T+1): OFS for Retail investors and non-Retail investors with unallotted bids carried forward from T Day

Impact Assessment

This OFS represents a moderate 5% divestment by a non-promoter shareholder in D.S. Kulkarni Developers Limited. The fixed floor price of Rs. 10 per share (equal to face value) provides pricing certainty for all bidders. Market impact is expected to be limited given the relatively small size of the offering and the structured two-day bidding process that separates non-retail and retail investor participation. The OFS follows NCLT-approved resolution plan, indicating this is part of structured corporate reorganization. Investors should note the international distribution restrictions, particularly for US markets.

Impact Justification

Medium-sized OFS of 5% equity stake in D.S. Kulkarni Developers by non-promoter shareholder at fixed floor price; limited market impact due to moderate size and specific pricing