DS Kulkarni follow-on issue on Apr 25

Pune-based D S Kulkarni Developers Limited (DSKDL) is entering the capital market with a follow-on public issue of 55 lakh equity shares of Rs 10 each for a cash at a price to be determined by a book building process.

This is part of the 1.10 crore composite equity shares of similar face value issued and subsribed, and also comprising promoters' contribution of 6.4 lakh shares, a reservation of 1.1 lakh shares for employees, resulting in a net offer to the public of 47.45 lakh equity shares. The bid issue opens on April, 25, 2006, and closes on May 3, 2006.

The objectives of the issue are to raise capital to finance the company's ongoing and new residential and commercial real estate development projects and for general corporate purposes of the company, according to a company press release.