Pune-based real estate company D. S. Kulkarni Developers has proposed to open on August 4, 2014, a public issue of secured redeemable Non-Convertible Debentures (NCDs). The company plans to raise Rs 100 crore with an option to retain over subscription of an equal amount aggregating up to Rs 200 crore. DS Kulkarni Developers is the first real estate company in the recent past to get approval of market regulator Securities and Exchange Board of India (SEBI) to raise money through NCDs. D. S. Kulkarni Developers proposes to use the issue proceeds to part fund its new residential township project – DSK Dream City - and general corporate purposes. DSK Dream City is an integrated township spread over 217.90 acre of land at Pune-Sholapur road near Pune. The project to be built over several phases includes residential apartments, commercial and retail space and facilities for various sports. Speaking at the press conference of the NCD issue, DS Kulkarni, Chairman and Managing Director, D. S. Kulkarni Developers said, “We will be getting a major part of project funding cost from the booking made for residential units and from the banks; the NCD issue is being exercised as the third avenue for meeting the project cost.” On the DSK Dream City, he added, “We intend to develop well designed dwelling units with modern features, amenities and facilities. We propose to set up sports academies; build high street markets and malls. The DSK Dream City shall have within its precincts unique modes of transportation including new age trams and water crafts for commuting citizens.” D. S. Kulkarni Developers is one of the leading real estate development and construction companies primarily focusing on development of residential units in the city of Pune with presence in Mumbai, Bengaluru, Nasik and New Jersey, USA. It has 13 projects under development spread across three cities in India with 46,81,279.44 sq ft of estimated approved built-up area and one project outside India. Since 2000, the company has completed 26 projects that include residential and commercial projects. The NCDs proposed to be listed on the Bombay Stock Exchange have been rated BBB+ by rating agency CARE. The lead manager to the issue is SBI Capital Markets. While the effective yields of this NCD issue offer range from 13.1 per cent pa to 13.52 per cent pa, women investors (first holder), DSK employees, existing equity shareholders, senior citizens, servicemen and ex-servicemen, will be eligible for an additional coupon of 0.25 per cent on the NCDs.