Shareholder approval for Salzer Textiles, Pioneer amalgamation

07 Oct 2003

Mumbai: The scheme of amalgamation of Salzer Textiles with Pioneer Embroideries has received approval from the shareholders of both the companies at their respective extraordinary general body meeting held on 6 October 2003. As per the scheme, the entitlement will be one share of Pioneer Embroideries for every 25 shares of Salzer Textiles.

Another closely held, unlisted company, JJ Textiles is also being merged with Pioneer Embroideries and shareholders of JJ Textiles will be entitled for one share of Pioneer for every three shares held.

Both Pioneer and Salzer are listed on Bombay Stock Exchange apart from other regional exchanges. The amalgamation process now has to be finally approved by the Bombay High Court.

Post-amalgamation, the equity capital of Pioneer Embroideries will stand at Rs 6.87 crore and Pioneer shall emerge as the largest manufacturer of embroidery in India and one of the largest Bobbin Lace manufacturers in the world with a turnover of over Rs 100 crore.