D S Kulkarni Developers Ltd (DSKDL) has joined the bandwagon of companies finding ways to increase the promoters' holding by proposing to merge Oyster Promoters and Builders, a private limited company owned by members of the promoter family Hemanti Kulkarni (nee Phadke) and Ashwini Deshpande (nee Kulkarni), into itself. | |
| The proposal to merge Oyster Promoters with DSKDL, approved by the company's board on Tuesday, involves the issue of 38 lakh shares to the owners of Oyster (Hemanti and Ashwini - who are chairman Deepak S Kulkarni's wife and daughter respectively) at a swap ratio of 380 shares in DSKDL for every share held in Oyster. |
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| The promoter family ,which presently holds a 21.39 per cent in DSKDL, will nearly double their stake to 39 per cent once the merger is through. |
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| Another major chunk of the company's shares (33.5 per cent) is with foreign institutional investors, the rest with mutual funds, financial institutions and retail shareholders. |
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