KALAMANDIR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings has submitted the Monitoring Agency report on Sai Silks' use of IPO proceeds for the quarter ended March 31, 2025. The company raised Rs. 600 crore via a fresh issue in September 2023 at Rs. 222 per share, with net proceeds of Rs. 566.24 crore after issue expenses of Rs. 33.76 crore. As of March 31, 2025, the company has utilized Rs. 384.69 crore, leaving Rs. 181.55 crore unutilized, which is parked in HDFC Bank fixed deposits earning 7.35% interest. There are timeline delays in four of the five objects — new stores, warehouses, working capital, and general corporate purposes — but no deviation in the total amounts earmarked for each object. The company has set up 14 of the 30 planned new stores and has used only Rs. 1.63 crore of the Rs. 25.40 crore allocated for two new warehouses.
Repeated delays in deploying IPO funds, especially for the store and warehouse expansion plans, may raise concerns about execution and growth momentum. However, the unutilized amount is earning interest through FDs, and no amount deviations have been reported, so the impact on shareholders is limited for now.