DS Kulkarni Developers Limited (DSKDL) has announced that it has received conditional listing approval from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for the listing of 1,00,00,000 equity shares of ₹10 each, which were allotted pursuant to a resolution plan approved by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, vide order dated 23rd June 2023.

According to the conditional approval letters dated 19th September 2025, out of the 1 crore shares, 95 lakh shares have been allotted to the successful resolution applicant and its affiliates on a preferential basis, while 5 lakh shares have been allotted to the DSK Shareholders Trust. This allotment was done under the framework of the resolution plan approved by NCLT as part of the company’s revival and restructuring process.

The stock exchanges clarified that the conditional approval has been granted for the purpose of ensuring compliance with the minimum public shareholding (MPS) requirement under Rule 19A(5) of the Securities Contracts (Regulation) Rules (SCRR), 1957, and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations).

The exchanges noted that the shares will be listed only after:

• Confirmation from NSDL and CDSL regarding credit of the allotted shares into the beneficiaries’ accounts.

• Compliance with all applicable guidelines, rules, and directions of SEBI, RBI, MCA, and other statutory bodies.

• Fulfillment of all conditions under the Companies Act, 2013 and SEBI regulations as on the date of listing.

• Achieving compliance with the minimum public shareholding (MPS) norms, which require at least 5% public float.

To achieve compliance with MPS norms, it has been stipulated that 5 lakh shares held by the DSK Shareholders Trust will be offered for sale (OFS) through the stock exchange mechanism, in accordance with SEBI’s circulars on public shareholding requirements. This OFS will be initiated at the earliest, after receipt of the trading approval from the exchanges.

The conditional approval is a significant milestone for DS Kulkarni Developers, as it paves the way for the company’s shares to resume trading, subject to compliance with regulatory requirements. It also marks a crucial step in the company’s restructuring journey following the resolution process under the Insolvency and Bankruptcy Code (IBC).

The development will be closely watched by shareholders and investors, as compliance with SEBI’s public float rules will determine the resumption of trading in the company’s shares.

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