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IPO-bound Sai Silks Kalamandir has decided to allocate 4.76 per cent of its shares to Employee Trust which is dedicated to enhancing the well-being and development of its workforce.
SSKL received SEBI approval for an IPO in November last year.
Durga Prasad Chalavadi, Managing Director, SSKL, said the company’s journey started with just one store in 2005 and today, it has 54 stores.
The company, which employs 4,500 people, desires to foster a workplace environment where their interests are cherished, he added.
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The company intends to acknowledge employees’ contribution by allocating a significant portion of 4.76 per cent of shares to the newly established Employees Trust, he said.
SSKL, through its Kalamandir Foundation, has played a crucial role in engaging with employees and other deserving organisations to promote inclusive growth that is sustainable and employee-friendly.
SSKL has a presence across South India. The company plans to open 25 more stores and two warehouses in Hyderabad and Chennai in the near future, it said.
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