Pioneer Embroideries approves Scheme of Arrangement

With Pioneer Realty Limited

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 Rs.10/- (Rupees Ten) each fully paid up of the Resulting Company for every 10 (Ten) Equity Share of Rs.10/- (Rupees Ten) each fully paid up held in Demerged Company.

 

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