Friday, April 28, 2006


Issue Opens: 25 April, 2006
Issue Closes: 03 May, 2006
Issue Size : 5,500,000 (No. of Shares)

Lower Price Band : Rs.250
Upper Price Band : Rs.275

Application Multiple: 20and in multiples there off starting with atleast 20 shares.

Maximum Shares: 360 (for Retail)

Information URL :
Prospectus URL :

ISSUE Description:
D S Kulkarni Developers Ltd., promoted by Mr. D. S. Kulkarni and associates has been in the business of real estate development for over 25 years. It has attained a reputation for quality construction of housing projects in and around Pune and Mumbai. The Company has completed over 21 projects in Pune and 2 projects in Mumbai

It has introduced some innovative marketing features in like declaring the date of possession at the time of Bhoomi Poojan and has been successful in maintaining the commitment so far. Also the Company gives free maintenance for 3 years from the completion of the project.

The Company was rated as 2nd fastest growing construction company in India in 2004 by National institute of Construction Management and Research (NICMAR)

Objects of the Issue
The objects 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. As on date of filing Offer Document, the Company has crystallized plans to develop nine projects; 7 in Pune, 1 in Mumbai and 1 in Bangalore.
The balance proceeds of the Issue may be used for future projects as well as to finance working capital requirement.

Key Financials
· During April 1993 the Company made a Public Issue and offered 36,00,000/- shares of Rs. 10 each for cash at par aggregating to Rs.3.60 Crores.
· As of date, the 52 week low/high of the listed equity share was Rs. 51.10 Rs.434.45 on BSE
Income for the 9 month period ended 31st December 2005 :Rs.66.47 Crores
Profit after tax : Rs. 11.90 Crores
Other key figures
· Basic EPS 2004-05 Rs. 3.34
· RONW : 2004:05 ;16.82%
· Net Asset Value Per Share 2004:05 : Rs.19.89

Looking at the futue of the real estate development sector a good long term buy.