HYDERABAD: City-based ethnic clothing retailer Sai Silks (Kalamandir) Limited (SSKL) has submitted the draft Red Herring prospectus (DRHP) for its initial public offering (IPO) of up to 600 crore.
At the IPO, retailers will offer up to 1.80 billion shares for sale. The shares are to be listed on the BSE Limited and the National Stock Exchange (India) Limited. The company said the proceeds will be used to fund capital expenditures to set up 25 new stores and two warehouses, as well as fund the company’s working capital needs, repay or prepay loans.
SSKL promoted by Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi operated 46 branches in Telangana, `, Karnataka and Tamil Nadu as of May 31, 2022.
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