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29 Mar 2026
Sai Silks (Kalamandir) Limited has received approval from its Audit Committee and Board of Directors to extend the timeline for utilising its remaining IPO proceeds by six months. The extension, approved on March 29, 2026, moves the deadline from March 31, 2026 to September 30, 2026 for the unutilised balance of Rs. 39.86 crore.
IPO Proceeds Status and Utilisation
The company originally raised Rs. 566.23 crore through its Initial Public Offer as per the Prospectus dated September 23, 2023. The current status of IPO proceeds utilisation as of March 28, 2026 shows significant progress across most objectives:
Objects of the Issue Amount as per Prospectus (Rs. in Cr) Amount Unutilised (Rs. in Cr) Funding capital expenditure towards setting-up of 30 new stores 125.08 19.19 Funding capital expenditure towards setting-up of two warehouses 25.40 20.67 Funding working capital requirements 280.06 0 Repayment or pre-payment of borrowings 50.00 0 General Corporate Purposes 85.68 0 Total 566.23 39.86
The company has fully utilised funds allocated for working capital requirements, debt repayment, and general corporate purposes, with remaining balances only in store setup and warehouse development categories.
Retail Footprint Expansion Exceeds Targets
Despite operationalising 25 stores against the originally proposed 30, Sai Silks (Kalamandir) has significantly exceeded its retail space expansion objectives. As of March 28, 2026, the company has added a total retail footprint of 1,82,652 sq. ft., surpassing the originally envisaged area of 1,42,500 sq. ft. by approximately 28%.
This achievement demonstrates the company's efficient space utilisation and strategic site selection, allowing it to exceed planned retail coverage while using fewer store locations. The capital expenditure savings of Rs. 19.19 crore resulted from disciplined capital allocation, efficient project execution, and favourable commercial terms negotiated with vendors and landlords.
Warehouse Development and Future Plans
Regarding warehouse expansion, Rs. 20.67 crore remains unutilised from the original allocation. The company has identified a strategic location at Kanchipuram, Tamil Nadu, with ongoing discussions with property owners. The warehouse establishment involves comprehensive technical, legal, and commercial due diligence processes.
Deployment of Remaining Funds
The unutilised IPO proceeds of Rs. 39.86 crore will be strategically deployed towards:
Store Expansion: Setting up 4 additional stores in a phased manner, including 3 under the Kalamandir format in Karnataka and 1 under the Varamahalakshmi Silks format in Andhra Pradesh
Warehouse Development: Establishment of the warehouse facility at Kanchipuram, Tamil Nadu
Regulatory Compliance
The extension pertains only to the timeline for utilisation without any changes to the objects of the issue, therefore not requiring shareholder approval. The company will continue placing quarterly Monitoring Agency Reports along with Statement of Deviation before the Audit Committee and submit them to stock exchanges as per regulatory requirements.
The Board meeting for this approval was conducted on March 29, 2026, from 7:30 PM to 8:30 PM, with the decision reflecting the company's commitment to optimal capital deployment while maintaining regulatory compliance.
Sai Silks (Kalamandir) Limited has announced the launch of its 81st retail store in Kakinada, Andhra Pradesh. The new outlet commenced operations on March 14, 2026, operating under the Kanchipuram Varamahalakshmi Silks format.
Store Launch Details
The company's latest retail expansion represents a significant milestone in its growth trajectory. The store opening details are outlined below:
Parameter: Details Store Number: 81st outlet Location: Kakinada, Andhra Pradesh Launch Date: March 14, 2026 Format: Kanchipuram Varamahalakshmi Silks
Regulatory Compliance
Sai Silks (Kalamandir) Limited informed both BSE Limited and National Stock Exchange of India Limited about this development in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made to ensure transparency with stakeholders regarding material business developments.
Company Information
The announcement was signed by M.K. Bhaskara Teja, Company Secretary & Compliance Officer, on behalf of the company. Sai Silks (Kalamandir) Limited operates multiple retail formats including Kalamandir, Mandir, Kanchipuram Varamahalakshmi, and KLM Fashion Mall, catering to diverse customer segments in the textile and fashion retail sector.
The company's registered office is located in Hyderabad, Telangana, and it continues to expand its retail footprint across various states in India. This latest store opening in Kakinada reinforces the company's commitment to strengthening its presence in the Andhra Pradesh market.
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