Sai Silks Kalamandir Ltd. (SSKL), which is into retailing of sarees and men, women, and children wear, said it has decided to allocate 4.76 % of its shares to its Employees Trust. The new Employees Trust is aimed at enhancing the well-being and development of its workforce.
The company had in November 2022 received Securities Exchange Board of India (SEBI) approval for an Initial Public Offering.
“We embarked on our journey with just one store in 2005, and today we stand proud with 54 stores and a remarkable team of 4,500 dedicated employees,” Durga Prasad Chalavadi, Managing Director, SSKL, said.
“We owe our tremendous success to the unwavering efforts and commitment of our exceptional workforce. They have been the driving force behind our achievements, and we deeply value their contributions,” he said.
“In appreciation of our employees and with a genuine desire to foster a workplace environment where their interests are cherished, we have taken this decision. We are delighted to announce that we will be allocating a significant portion, 4.76% of the company’s shares, to the newly established Employees Trust,” he added.
The company’s stores are located in Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka. It plans to open 25 more stores and two warehouses in Hyderabad and Chennai, the company said.
