Pioneer Embroideries approves Scheme of Arrangement

26 Oct 2022 , 01:33 AM

The Board of Pioneer Embroideries at their meeting held on 21 October 2022 has approved the Draft Scheme of Arrangement the Scheme between Pioneer Embroideries Limited Demerged Company or PEL and Pioneer Realty Limited Resulting Company or PRL and their respective shareholders and creditors

The scheme provides for the demerger of Embroidery Bobbin Lace ELD business of the Company to Pioneer Realty Limited Resulting Company or PRL in the ratio of 4 Four Equity Share of Rs10 Rupees Ten each fully paid up of the Resulting Company for every 10 Ten Equity Share of Rs10 Rupees Ten each fully paid up held in Demerged Company