Sai Silks (Kalamandir) Ltd Reports Status of IPO Proceeds Utilization for June 2026 Quarter
Sai Silks (Kalamandir) Limited has released a report from its monitoring agency, CARE Ratings Limited, regarding the utilization of proceeds from its Public Fresh Issue. The reporting period covers the quarter ended June 30, 2026.The company raised Rs. 600 crore through a public fresh issue of equity shares during September 2023. Out of the total proceeds received, Rs. 33.76 crore were incurred as expenses related to the issue, leaving a net amount of Rs. 566.24 crore available for utilization.
As of June 30, 2026, the company has utilized Rs. 539.47 crore of the available funds. The remaining unutilized amount stands at Rs. 26.77 crore.
Financial Summary of IPO Proceeds
| Particulars | Amount (In Rs. Crore) |
|---|---|
| Total proceeds received from IPO | 600.00 |
| Expenses incurred related to IPO issue | 33.76 |
| Net proceeds available for utilization | 566.24 |
| Amount spent as of June 30, 2026 | 539.47 |
| Total unutilized funds (including interest) | 26.77 |
Utilization Status by Specific Objects
The monitoring agency reported progress across various objects identified in the Offer Document. The company has utilized a portion of funds from the capital expenditure for stores to meet working capital requirements as approved by the Board of Directors.| Item Head | Original Cost (Rs. Crore) | Amount Utilized as of June 30, 2026 (Rs. Crore) | Unutilized Amount (Rs. Crore) |
|---|---|---|---|
| Funding capital expenditure for setting up of 30 new stores | 125.08 | 116.23 | 6.49* |
| Funding capital expenditure for setting of two new warehouses | 25.40 | 5.12 | 20.28 |
| Funding working capital requirements | 280.07 | 282.43 | (2.36) |
| Repayment of certain borrowings | 50.00 | 50.00 | 0.00 |
| General Corporate Purposes | 85.69 | 85.69 | 0.00 |
\*Note: The company utilized Rs. 2.36 crore from Object 1 towards Object 3. Adjusting for this inter-object utilization, the total unutilized funds amount to Rs. 26.77 crore.
Key Operational Updates
The company reported that it has set up 26 new stores out of the targeted 30, with an additional 2 stores opened during the current quarter. The report highlights that the company achieved savings of Rs. 24.82 crore due to lower costs in Tier 2 and Tier 3 cities. These savings were utilized for working capital requirements and the opening of new large-format stores.Regarding warehouse construction, payments have been made to various vendors through the monitoring account for setting up a warehouse.
Implementation Timelines and Delays
The report identifies certain delays in the completion of specific objects compared to the original timelines:| Objects | Original Completion Date | Actual Status / Delay |
|---|---|---|
| Funding capital expenditure for 30 new stores | March 2026 | Ongoing |
| Funding capital expenditure for two new warehouses | March 2024 | Ongoing |
| Repayment of certain borrowings | March 2024 | June 2024 (3 months delay) |
| General Corporate Purposes | March 2024 | March 2026 (24 months delay) |
The company has confirmed that all requisite approvals for the warehouse and the 26 stores opened with IPO funds are currently in place.
KALAMANDIR Stock Price Movement
Sai Silks (Kalamandir) Limited shares today shed 1.99% to settle at ₹95.02 in post-market trading. The stock saw active turnover with a volume of 1.11 million shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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