DSK to roll out composite offer to fund expansion

Pune-based DSK Developers plans to come out for a composite offer- public and rights issues- to fund its domestic as well as overseas expansion plans, which would require investments of about Rs 250 crore.

"We plan to introduce the composite offer by March this year to fund expansion," said D S Kulkarni, chairman, DSK Developers.

At present, the company operates in Bangalore, Mumbai and Pune. But in the next fiscal, it plans to expand operations in Goa and Hyderabad.

It has recently opened a subsidiary company in the US and would soon start operation there as well.

In Hyderabad, a 200-acre plot has been identified for development with a projected cost of around Rs 150 crore, he said.

The projects in Goa would need about Rs 50 crore during the initial phase for development of resorts.

The company, which is currently involved in the development of 55 lakh sq ft area in Bangalore, Pune and Mumbai, also plans take up project development involving 45 lakh sq ft in these three cities during the current fiscal.

It aims to generate Rs 1,600 crore turnover from these projects in next three years.

The company is targetting New Jersey and New York for its foray into the US market and would invest $4 million in these cities, involving projects worth $10 million.

It also plans to make inroads in the Middle East market during the current year by undertaking contractual works and would invest Rs 10 crore for purchasing the machinery required to execute the contractual projects.