News: DS Kulkarni FPO subscribed 6.09 times

(TV18 03/05/2006) Mumbai - Pune-based D S Kulkarni Developers, DSKDL, has entered the capital market, with a follow-on public offer, FPO, issue of 55 lakh equity shares of Rs 10 each or a cash at a price to be determined by book building process.

The issue has been subscribed 6.09 times, as per the NSE website at 5 pm on May 02.

The qualified institutional buyer, QIBs, has been subscribed 10.74 times. The retail portion has been subscribed 1.77 times. The non-institutional investors portion has been subscribed 1.58 times.

The issue will close on May 3, 2006. Its price band has been fixed at Rs 250-275 per share.

This is part of the 1.10 crore composite equity shares of similar face value issued and subscribed, and also comprises 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 is 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.

The book running lead manager to the issue are A K Capital Services and Indian Overseas Bank. Sharepro Services is the registrar to the issue.