Pioneer Embroideries Board approves fund raising proposal

Pioneer Embroideries Ltd has announced that the Board of Directors of the Company at its meeting held on November 27, 2006 has approved raising of funds for future capital expenditure and expansion plan of the Company by way of Issue of FCCB / ADR / GDR / or any other financial instruments convertible into Equity Shares.

However, raising of funds by way of:

1. Preferential Issue of Equity Shares / Warrants / Other Financial Instruments which would be converted into or exchanged with Equity Shares at a later date to the Promoters of the Company; and

2. Preferential Issue of Equity Shares / Warrants / Other Financial Instruments which would be converted into or exchanged with Equity Shares at a later date to persons other than Promoters.

have been deferred by the Board of Directors for consideration at their meeting to be held on December 04, 2006.

Source : Equity Bulls

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