Kalamandhir IPO opens today

Sai Silks Kalamandir IPO opens its initial public offering of Rs 89 crore from today at a price of Rs70-75. Funds raised through the issue are proposed to be used for setting up of retail outlets; expenses to be incurred for brand promotion; pre-payment of term loan facility; long term working capital requirement; and general corporate purposes. The issue will close on February 13.

Kalamandir is also well known to Telugu film audience as it gets associated with the sponsoring of movie promotions and premiere. The retail garments chain also patronage several small movies allowing the shooting in their malls and in other ways.