Basis of Allotment

RIGHTS ISSUE
 

D.S.KULKARNI DEVELOPERS LIMITED
(Incorporated on September 20, 1991 under the Companies Act, 1956)

Registered & head office: DSK House, 1187/60, J.M. Road, Shivajinagar, Pune-411 005. Tel: (020) 5604 7100, Fax: (020) 2553 5772
Contact person: Mr. Ashish Boradkar(cpmpliance Officer) Email: compostieissue@deskdi.com; Website:www.deskdi.com

BASIS OF ALLOTMENT

1. Rights Issue 55,000 Equity Shares of Rs. 10/- each (being a part of Compsite Issue of 1,10, 00,000 equity shares) for cash at a premium of Rs. 100 per Equity Shares (i.e., at a price of Rs. 110 per share) aggregating Rs. 60.50 crore (Rupees Sixty Crore and Fifty Lacs only) to the existing Equity Shareholders of the Company in the ratio of One (1) Equity share for every Two (2) Equity Shares held as on 21st March, 2006 (Record Date). The face value of the equity share is Rs. 10 and the Issue price is 11 times the face value.

1. Public Issue of 55,00,000 Equity Shares of Rs. 10/- each for cash at a price of Rs. 275/- per equity share aggregating Rs. 151.23 crore (Rupees One Hundred Fifty One Crore and Twenty Five Lacs only). The Public Issue comprises Promoters Contirbution of 6,40,155 Equity Shares, a reservation for Employee of 1,10,000 Equity Shares and a net offer to the public of 47,49,845 Equity Shares of Rs. 10/- each (the "Net offer"). The Composite Issue will constitute 50% of the fully diluted post-Issue paid up capital of the company.

The Public Issue is made through the 100% Book Building Process wherein upto 50% of the Net Offer to the Public shall be allocated on a proportionate basis to Qualified Institutional Buyers, out of which 5% of the QIB Portion shall be available for allocation on a proportinate basis to Mutual Funds only, and the remaining QIB Portinon shall be available for allocation on a proportionate basis to all Qualified Istitutional Buyers. including Mutual Funds, subject to valid Bids being received at or above Issue Price. Further, at least 15% of the Net Offer to the Public shall be available for allocation on proportionate basis to Non-Institutional Bidders and at least 35% of the public shall be available for allocation on a proportionate basis to Retail individual Bidders, subject to valid Bids being received at or above the Issue Price. Further, upto 1,10,000 Equity Shares shall be available for allocation to the Employees, subject to valid Bids being received at or above the Issue Price.

RIGHTS ISSUE-BASIS OF ALLOCATION

Applicants

(1)

Number of valid
applications received
(2)
Entitled shares
applied
(3)
Shares
allotted
(4)
Additional
shares applied
(5)
Additional
shares allotted
(6)
Total shares
allotted
(7)
Shareholders 3836 2260825 2260825 652091 187557 2448382
Renouncees 521 3051618 3051618 34103 - 9051618
Total 4357 5312443 5312443 686184 187557 5500000

On 16.05.2006, the Committee of Directors, constituted by the Board of Directors, has approved the Basis of Allotment and allotted the said 55,00,000 Equity Shares. As per the Basis of Allotment, stated in the Letter of Offer, Equity shares were allotted in full to the Shareholders and Renouncees against applications towards their entitlement. As stated in the Letter of Offer, allotment to Shareholders against applications towards additional shares has been made considering the shares held by Shareholders on 21.03.2006 (Record Date) and the basis of allotment to shareholders who have applied for additional shares was finalized in consultation with BSE, the designated Stock Exchange.

Allotment-cum-Refund Orders have been dispatched tithe allottees on 17.05.2006 and Equity Shares in electronic mode were credited to the respective demat accounts on 16.05.2006.

Applications for listing of the said Equity Shares have been made on 16.05.2006 at the Bombay Stock Exchange Limited, National Stock Exchange of India Limited.

PUBLIC ISSUE-BASIS OF ALLOCATION

The Issue received 180018 valid applications for 162931495 shares resulting in the Issue being over subscribed by 29.62 times.

Category No. of Valid Applications No. of Show subscription (times)
Qualified Institutional Buyers 156 112972920 47.57
Non Institutional Investors 563 18702500 2825
Retail Investors 179264 30501300 18.35
Employees 13 114620 1.04
promoters 2 640155 1.00

PUBLIC ISSUE-FINAL DEMAND

A  sample of the final demand at diferent bid prices is as under:

Bid Price Demand % to Total Cumulative Total Cumulative % to total
250 37900 0.02 163878200 100.00
251 180 0.00 163840300 99.98
252 260 0.00 163840120 99.98
253 60 0.00 163839860 99.98
255 5380 0.00 163839780 99.98
256 40 0.00 163834400 99.97
257 380 0.00 163834360 99.97
258 20 0.00 163833980 99.97
260 25100 0.02 163833960 99.97
261 20 0.00 163808860 99.96
262 380 0.00 163808640 99.96
263 2580 0.00 163806460 99.96
264 80 0.00 163805880 99.96
265 24600 0.02 163805800 99.96
266 20 0.00 163781200 99.94
267 240 0.00 163761180 99.94
268 340 0.00 163780940 99.94
269 40 0.00 163780600 99.94
270 10980 0.01 163780560 99.94
271 40 0.00 163769580 99.93
272 120 0.00 163769540 99.93
273 400 0.00 163769420 99.93
274 240 0.00 163769020 99.93
275 132801180 81.04 163768780 99.93
9999 30967600 18.90 30967600 18.90
Total 163878200 100.00

A) Allocation to Retail Investors
The Basis of Allocation to Retail investors who have bid at cut-off or at and above the issue Price of Rs.275/- per Equty . Share was finalized In consultation withBSE.The category was over subscribed 18.35 times.The total number of share allotted In this category is 1663020 Equity Shares. A sample of the category-wise details of the Basis of Allocation is as alongside.

Category
Retail
No. of
Applicants
% toTotal Total No. of
Shares applied
% to
Total
No. of Shares
allotted per
Applicant
Ratio Total No. of
Shares allotted
20 14583 8.12 291260 0.95 20 3:55 15880
40 16053 8.95 642120 211 20 6:55 35020
60 10029 5.59 601740 1.97 20 9:55 32820
80 7395 4.13 591600 1.94 20 12::55 32260
100 19465 10.86 1946500 6.38 20 3:11 106180
120 5386 3 646320 212 20 18:55 35260
140 3571 1.99 499940 1.64 20 13:34 27300
160 5875 3.28 940000 3.08 20 7:16 51400
180 53178 29.66 9572040 31.38 20 26:53 521740
200 3945 22 789000 2.59 20 6:11 43040
220 627 0.35 137940 0.45 20 3:5 7520
240 674 0.38 161760 0.53 20 21:32 8840
260 450 0.25 117000 0.38 20 22:31 6380
280 330 0.18 92400 0.3 20 29:38 5040
300 1286 0.71 378800 1.25 20 9:11 20720
320 450 0.25 144000 0.47 20 7:08 7860
340 732 0.41 248880 0.82 20 13:14 13580
360 35275 19.68 12699000 41.63 20 52:53 692180

B) A11ocation to Non-Institutional Investors
The Basis of Allocation to the Non-institutional investors, who have bid at cut-off or at and above the Issue Price of Rs.275/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 26.25 times. The total number of shares allotted in this category is 712910 Equity Shares. A sample of the category-wise details of the Basis of Allocation is as under:

Category No. of
Applicants
% to
Total
Total No. of
Sham applied
% to
Total
No. of Sham allotted per
Applicant
Ratio Total No. of
Sham allocated
380 32 5.49 12160 0.07 20 FIRM 640
400 44 7.55 17600 0.09 20 FIRM 880
1000 28 4.80 28000 0.15 38 FIRM 1064
2000 20 3.43 40000 0.21 76 FIRM 1520
2500 7 1.20 17500 0.09 95 FIRM 665
4000 13 2.23 52000 028 152 FIRM 1976
10000 7 1.20 70000 0.37 381 FIRM 2667
100000 6 1.03 600000 3.21 3810 FIRM 22860
1545460 1 0.17 1545460 8.26 58875 FIRM 58875

Due to rounding off of allocation of shares to (A) and (B) categories as per basis approved by BSE, there is a spill over of 1008 shares resulting in issue of additional 1008 shares to the allottees.

C) Allocation to Employees:
The Basis of Allocation to the Employees category, who have bid at cut-off or at the Issue Price of Rs.275/- per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 1.04 times. The total number of Equity Shares allotted in this category is 110000 Equity Shares.

All the applicants have been given firm allotment on proportionate basis as per the basis of allotment finalised in consultation with BSE

D) Allocation QIBs
The Basis of Allocation to QIB, was finalized in consultation with BSE. The category was subscribed to the extent of 47.57 times. The total number of Equity Shares allotted in this category is 2374923 Equity Shares.
The Committee of Directors of the Company has approved the Basis of Allocation on 16.05.2006 and has allotted shares to various successful applicants.
The Refund Orders have been dispatched on 17.052006 to the address of the investors as registered with the depositories. In case the same is not received within ten days; investors may contact at the address We below. The Refund Orders have been printed with the Bank Mandate details as registered, if any, with the depositories. The shares allotted to sucessful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. D.S. Kularni Developers Ltd. has obtained listing approval from Bombay stock Exchange Limited and National Stock Exchange Limited.

INVESTORS PLEASE NOTE

This details of the allocation made are being hosted on the website of Registrars to the issue, sharepro Services(india) Pvt. Ltd. at www.shareproservices.com.

All the future correspondence in this regard may kindly be addressed to the Registrars to the issue, whose address is furnished below, quoting full name of the First/sole applicant, Serial number of the bid-cum application form number of shares bid for, name of the member of the Syndicate and place where the bid was submitted and payment details.

BOOK-RUNNING LEAD MANAGERS

REGISTRARS TO THE ISSUE
A.K. Captial Services Ltd

135-136 Free press House,
13th Floor free press Journal Marg,
215, Nariman Point, Mumbai-400 021 Tel: (022) 5634 9300
fax: (022) 5636 0977
Email: diskissue@akgrouponline.com Website: www.akcapindia.com
Contact Person: Mr. Sumit Arora

Indian Overseas Bank

Merchant Banking Division
763, Anna Salai,
Chennai-600 002
Tel: (044) 2851 9448; 2851 9548
Fax: (044) 2852 2747
Email :ksk@iobnet.co.in
website: www.iob.com
Contact person: Mr. Submit Arora

Sharepro services(india) Pvt. Ltd.

Satam Estate, 3rd Floor,
cardinal Gracious Road, Chakala,
Anderi (e), Mumbai - 400 099
Tel: (022) 281 5168;
Fax:(022) 28375646 Email:subodh@shareproservices.com
website: www.sahreproservices.com

Contact Person: Mr.Subodh Adarkar




Place : Mumbai
Daten :May19,2006

for D.S.KULKARNI DEVELOPERS LIMITED
On behalf  of the Board of Directors
sd/-
D.S.Kulkarni
Chairman and managing Director

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