All the growth and benefits accrued from the stake in the company will be spent on the welfare of the employees
Hyderabad, July 18, 2023: Sai Silks Kalamandir Ltd. (SSKL), which has received SEBI approval for an IPO in November 2022, has decided to allocate 4.76% of its shares to their Employee Trust. The new Employee Trust is a dedicated initiative aimed at enhancing the well-being and development of its valued workforce.
SSKL has been very proactive when it comes to staff welfare, and through the Kalamandir Foundation, it has contributed to the well-being of their staff and also helped them with the education and other needs of their children. The formation of this trust demonstrates SSKL’s commitment to nurturing a supportive and empowering environment that values and invests in its employees.
Speaking on the development, Durga Prasad Chalavadi, Managing Director, SSKL said, “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. 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.”
Chalavadi further added, “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.”
SSKL, through its Kalamandir Foundation, has played a crucial role in engaging with stakeholders such as employees and other deserving organizations to promote inclusive growth that’s sustainable and employee-friendly.
SSKL has a total store count of over 54 stores across South India, namely Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka. The company plans to open 25 more stores and two warehouses in Hyderabad and Chennai in the near future.
About SSKL: SSKL operates through four different format stores, namely Kalamandir, Mandir, Varamahalakshmi Silks, and KLM Fashion Mall, as well as through e-commerce channels that include their own websites and other online e-commerce marketplaces.
The diverse range of products offered includes (i) various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; (ii) lehengas; (iii) men’s ethnic wear; (iv) children’s ethnic wear and (v) value fashion products comprising fusion wear and western wear for women, men, and children.
The company has declared Rs. 1132 crore in sales and Rs. PAT of Rs. 57.69 crore in FY22 with ROE of 21.22% and ROCE of 21.71%. Sai Silks Kalamandir Ltd. is the first large saree retailer to tap the markets to raise funds through IPO.
