Durga Prasad Chalavadi
| Photo Credit: Special Arrangement
Sai Silks Kalamandir Ltd. (SSKL), which is into retailing of sarees and males, ladies, and youngsters put on, stated it has determined to allocate 4.76 % of its shares to its Employees Trust. The new Employees Trust is geared toward enhancing the well-being and improvement of its workforce.
The firm had in November 2022 acquired 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, stated.
“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 stated.
“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 firm’s shops are situated in Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka. It plans to open 25 extra shops and two warehouses in Hyderabad and Chennai, the corporate stated.
