Sai Silks (Kalamandir) Limited has a draft red herring prospectus (DRHP)with SEBI to raise funds of Rs 1,200 crore through an initial public offering (IPO). Fresh issue of equity shares worth Rs 600 crore and an offer for sale of up to 18,048,440 equity shares by promoters and their group of entities. The fund will be used for 25 new stores, two warehouses, working capital requirements, debt payments, and other corporate purposes. The size of the issue will be expected to be Rs 1,200 crore.

• Coal India, AMNS Sign MoU on Syn-Gas at Paradip Plant
• HAL Hits 52-Week High of Rs 5,055 on Strong Q1 Results
• MP Approves Rs 1,757 Crore Bhopal-Vidisha Road Project
• Nvidia Reportedly Developing 1 Trillion-Parameter AI Model
• West Coast Paper Hits 52-Week High on Strong Q1 Profit

The lead managers to the issue are booking advisors named Motilal Oswal Investment Advisors, Edelweiss Financial Service and HDFC Bank. Sai Silks is India’s Ethnic wear manufacturer company in south India in terms of revenue and profit after tax in the financial year 2019, 2020, and 2021.

Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall are the four stores where the company offers products to various segments. Until 31 May 2022, the company plans to open 46 stores in four South Indian states, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.