Pioneer Embroideries sells Coimbatore unit for Rs13 crore; Stock gains 2%

5 Aug 2022 , 09:19 AM

The Board of directors of Pioneer Embroideries Ltd has approved the sale of its Coimbatore unit.

As per the filing, the Company has sold the factory land & building/structure situated at Coimbatore unit at total consideration amounting to Rs13,00,05,000/- vide Sale Deed dated August 03, 2022.

The Company shall use the sale proceeds towards greenfield embroidery facility at Shree Ganesh Textile Park, Degaon, Dhule, Maharashtra, the company said.

At around 9:19 AM, Pioneer Embroideries Ltd is currently trading at Rs46.50 per share up by Rs0.85 or 1.86% from its previous closing of Rs45.65 per share on the BSE.

The scrip opened at Rs46.80 and has touched a high and low of Rs46.80 and Rs46.20 respectively so far today. The current market cap of the company is Rs121.39 crore.