Sai Silks delays store expansion despite raising Rs 600 crore
Sai Silks (Kalamandir) Limited has utilized Rs 392.14 crore of the Rs 566.24 crore net proceeds from its September 2023 IPO that raised Rs 600 crore.
The company has opened only 15 of 30 planned new stores, spending Rs 71.08 crore, missing its March 2025 target for full utilization. Plans for two new warehouses and working capital funding are also delayed.
Rs 193.12 crore remains unutilized, held primarily in fixed deposits with HDFC Bank. The company has fully repaid certain borrowings as planned.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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