Sai Silks (Kalamandir) Limited has informed the Exchange about General Updates
KALAMANDIR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sai Silks (Kalamandir) has received board and audit committee approval to extend the deadline for using its remaining IPO funds by six months, now until September 30, 2026, from the original March 31, 2026 cut-off. The company raised Rs. 566.23 crore through its September 2023 IPO and has utilised most of it, with Rs. 39.86 crore still unspent. Of this, Rs. 19.19 crore is surplus from savings on setting up 30 new stores (25 already operational), and Rs. 20.67 crore is pending for a warehouse project at Kanchipuram, Tamil Nadu, where discussions are underway. The unutilised funds will now be deployed for four additional stores (three Kalamandir stores in Karnataka and one Varamahalakshmi Silks store in Andhra Pradesh) and the Kanchipuram warehouse. Notably, the company has already exceeded its planned retail footprint by 28%, adding 1,82,652 sq. ft. against the target of 1,42,500 sq. ft.
The extension is procedural and signals prudent capital allocation rather than weak execution, as the company has surpassed its core IPO targets. Shareholders should note that the IPO objects remain unchanged and no shareholder approval is needed, but the warehouse project delay is a mild watchpoint.