Pioneer Embroideries clarifies on news item regarding supply deal

With reference to the news item appearing in a leading financial daily titled, "Pioneer Embroideries weaving a supply deal", Pioneer Embroideries Ltd has clarified that the Company is a preferred vendor for supply of embroideries to few US International brands through their offices in India / buying agencies. This is the normal routine business activity of the Company.

Further the Company has informed that, the Company in recent past has issued FCCB of USD 25 Million for its future expansion plans, which are further expansion in its embroidery division, Dope Dyed division and overseas acquisition. This proposed acquisition will help the Company in consolidating its presence internationally as well help catering the export market in better way.

The Company has surplus land at Mumbai, Pune, Coimbatore, Bangalore and Delhi. The Company has been contemplating the idea of exploiting these lands commercially and for this purpose the Company has floated a wholly subsidiary Company Pioneer Reality Ltd.

The stock closed the day at Rs.183.90, up by Rs.1.25 or 0.68%. The stock hit an intraday high of Rs.192.90 and low of Rs.183.10. The total traded quantity was 92142 compared to 2 week average of 162792.

Source : Equity Bulls

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