Ethnic apparel retailer Sai Silks (Kalamandir) Limited has filed preliminary papers with capital markets regulator Sebi to raise as much as Rs 1,200 crore through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth Rs 600 crore and an offer for sale of up to 18,048,440 equity shares by promoters and promoter group entities, according to the draft red herring prospectus (DRHP).
The net proceeds of the fresh issue will be used for establishing 25 new stores, setting up two warehouses, supporting working capital requirements, payment of debt and general corporate purposes.
As per market sources, the issue size is expected to be Rs 1,200 crore.
Motilal Oswal Investment Advisors, Edelweiss Financial Services and HDFC Bank are the book-running lead managers to the issue.
The equity shares are proposed to be listed on BSE Limited and National Stock Exchange (India) Limited.
Sai Silks is one of the leading retailers of ethnic apparel, particularly sar
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