DS Kulkarni Developers Limited has informed the Exchange about Intimation of conditional approval received from BSE Ltd and National Stock Exchange of India Limited for listing of 1,00,00,000 equity shares of Rs. 10 each allotted pursuant to approved resolution plan by Hon'ble NCLT Mumbai bench vide order dated 23rd June 2023.
Awaiting price reaction for this filing.
DS Kulkarni Developers Limited has received conditional approval from BSE and NSE for the listing of 1,00,00,000 (1 crore) equity shares of Rs. 10 each. These shares were allotted to resolution applicants as part of the approved resolution plan under the Insolvency and Bankruptcy Code. The resolution plan was approved by the Hon'ble NCLT Mumbai bench vide order dated 23rd June 2023. The listing approval is conditional, meaning final listing is subject to completion of certain procedural requirements.
This is a procedural step toward completing the company's revival under the resolution plan. Existing shareholders may see dilution due to the new share issuance, while resolution applicants will finally get tradable shares. The stock may see volatility once these shares are listed and become freely tradable.