Sai Silks (Kalamandir) Ltd. has announced to open its initial public offering (IPO) of equity shares on September 20.
The initial public offering comprises a fresh issue aggregating up to ₹600 crore and an offer for sale up to 2,70,72,000 equity shares by selling shareholders. The IPO will close on September 22. The price band has been fixed at ₹210-222 per share. Bids can be made for a minimum of 67 shares and in multiples of 67 shares thereafter.
The company said it proposes to utilise the proceeds raised through the fresh issue towards funding capital expenditure, setting up 30 new stores at ₹125 crore, funding capital expenditure towards setting up of two warehouses at ₹25.3 crore, funding working capital requirements of the company amounting to ₹280 crore and repayment or pre-payment, in full or part, of certain borrowings availed by the company amounting to ₹50 crore and the balance amount for general corporate purposes.
