Pneumatic Holdings Ltd Merged Company Summary

Pneumatic Holdings Ltd Merged Summary

Pneumatic Holdings Limited was incorporated as a wholly owned subsidiary of Kirloskar Brothers Investments Limited (KBIL) on 16 September 2014 as an Investment Company, for the purpose of transfer and vesting of certain investments of KBIL along with travel services business, as a going concern pursuant to the Scheme. The said Scheme was approved by the Honble High Court of Judicature at Bombay vide its Order dated 30 April, 2015, through which certain investments i.e., investment in Kirloskar Pneumatic Company Limited (KPCL) and Kirloskar Industries Limited (KIL) held by KBIL along with travel services business were transferred to the Company. As per the terms of the Composite Scheme, every shareholder of KBIL holding say 5 (Five) equity shares of Rs 10/- each held as fully paid up, was issued and allotted 76 (Seventy Six) new equity shares of Rs 2/- each of KOEL and 1 (one) equity share of Rs 10/- each of the Company credited as fully paid up. Considering the above, Company issued and allotted 52,88,718 equity shares of Rs. 10/- each.At present, Company is engaged in vehicle leasing business.