Pioneer Embroideries to allot shares on amalgamation

Pioneer Embroideries Ltd has announced that the Board of Directors of the Company at its meeting held on March 30, 2007, inter alia, has approved the following:

1. Allotment of 13,33,333 Equity Shares of Rs 10/- each to the Shareholders of Royal Embroideries Pvt Ltd, pursuant to the Scheme of Amalgamation of Royal Embroideries Pvt Ltd and Grant Apparel Pvt Ltd with the Company as approved by the respective Hon'ble High Court at Bombay and Karnataka.

2. Allotment of 1,70,000 Equity Shares of Rs 10/- each to Pioneer E-Com Fashions Ltd arising out of conversion of Share Warrants.

Source : Equity Bulls

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