Sai Silks Kalamandir will allocate 4.76% of shares to Employee Trust

July 20, 2023

Category: General

Country: India

Isabelle Crossley
July 19, 2023.

Saree, clothing, and textile brand Sai Silks Kalamandir has announced that it will allocate 4.76% of its shares to its Employee Trust. The business aims to foster wellbeing and development in its workforce as it gears up for its initial public offering.

The share allocation is designed to put the business 4,500 employees’ interests at the forefront of its operations, said Sai Silks Kalamandir’s managing director Mr. Durga Prasad Chalavadi, the Hindu Businessline reported. Sai Silks Kalamandir recently established its Employee Trust and also runs its charitable arm the Kalamandir Foundation.

The business received approval for its IPO from the Securities and Exchange Board of India in November, 2022. With its strongest retail presence in South India, the business plans to open 25 more brick-and-mortar stores as well as warehouses in Hyderabad and Chennai in the near future.

The business also recently celebrated the 15th anniversary of its corporate and social responsibility division the Kalamandir Foundation, with an event in Hyderabad, Red Magazine reported on Facebook. The event was attended by notable personalities including Mr. Uppala Srinivas Gupta, Mr. J Santosh Kumar and Mr. Bigala Ganesh Gupta among others and featured a children’s wear runway show and donations to numerous organisations.

Sai Silks Kalamandir is based in Hyderabad and launched in 2005, according to the business website. The business also runs the brands Vara Mahalakshmi and Mandir among others and operates a total of 54 stores.