Sai Silks Extends Timeline to Use Leftover IPO Funds
Sai Silks (Kalamandir) has decided to extend the timeline for using its leftover IPO funds. The Audit Committee and the Board took the decision at meetings held on September 29, the company told the stock exchanges.
The announcement came through an exchange filing on Monday afternoon. The board resolved to extend the utilisation period to ensure optimum use of the balance proceeds.
In March this year, the board had extended the deadline for Rs 39.86 crore of unutilised IPO money up to September 30, 2026. The funds were meant for four new stores and a warehouse at Kanchipuram in Tamil Nadu.
The company said the delay was due to careful site selection and savings under the capital expenditure head. Its retail footprint has already crossed the original targets.
Sai Silks shares closed 2.5 per cent lower at Rs 76.19 on September 29. Investors will watch the next quarterly update for the exact new timeline.
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