Pioneer Embroidery is a stock trading at Rs 57 in the domestic market. The board of directors of the company has decided to accept the investment of Tano Investment Opportunities Fund, a foreign investment firm based in Mauritius. According to this, the move is to allow share warrant which can be converted into shares later.
Share warrants are granted at a premium of Rs 33 per share which currently has a face value of Rs 10. That is, at the rate of Rs. 43, Pioneer Embroidery (BSE : 514300, NSE : PIONEEREMB) transfer a share warrant. The board of directors of Pioneer Embroidery has decided to give 25 lakh shares to Tano Investment Opportunistic Fund in Mauritius.
Third Quarter Results
In the third quarter of the current financial quarter, Pioneer Embroidery’s revenue was Rs 85.89 crore. 30 percent increase year-on-year. With this, the revenue earned by the company in the first nine months of the current financial year has increased to 243.22 crores. 225 crores was earned by Pioneer Embroidery during the same period of the previous financial year. But the company’s net profit fell due to a sharp rise in costs.
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