Pioneer Embroideries updates on allotment of shares

Pioneer Embroideries Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 30, 2007, inter alia, to consider the following:

1. Allotment of 13,33,333 Equity Shares of Rs 10/- each to the Shareholders of Royal Embroideries Pvt Ltd, pursuant to the Scheme of Amalgamation of Royal Embroideries Pvt Ltd and Grant Apparel Pvt Ltd with the Company as approved by the respective Hon'ble High Court at Bombay and Karnataka.

2. Allotment of 1,70,000 Equity Shares of Rs 10/- each to Pioneer E-Com Fashions Ltd arising out of conversion of Share Warrants.

Source : Equity Bulls

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