Sai Silks sets Rs 210-222 per share price band for Rs 1,201 crore IPO

Ethnic apparel retailer Sai Silks (Kalamandir) on Thursday fixed a price band of Rs 210-222 per share for its Rs 1,201 crore-initial share sale, which opens on September 20. At the upper end of the price band, the Initial Public Offering (IPO) will fetch about Rs 1,201 crore. The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005. The offer consists of Rs 600 crore of fresh issue and an equal amount of Offer For Sale (OFS) through which the promoter family will divest 30 per cent of their 95.5 per cent shareholding, Chalavadi told PTI. The remaining 4.5 per cent of the bootstrapped ethnic retailer of premium and mid-income women's wear primarily sarees, are with the employees, he added. At Rs 210 a share price band, the floor price 105 times and the cap price is 111 times the face value of the shares. The OFS comprises promoters and some of the employers selling up to 2.70 crore equity shares. The selling promoters are Nagakanaka Durga

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