Pearl Styles Ltd and City Estates Pvt Ltd are to be merged, informed official sources of Pearl Global Ltd, a leading apparel group.
After a study, whether the merger is feasible or not, the company Board of Directors has accorded their consent to this merger; approval of shareholders, creditors and Delhi High Court was also taken into consideration, informed senior official of Pearl Global to Bombay Stock Exchange.
The merger has got consent from the Boards of City Estates and Pearl Styles as well.
Board of Directors has also recommended swap ratio of 30:16 equity shares of the company for every share in City Estates, while no equity share of the company would be issued in lieu of shares of Pearl Styles as it's a subsidiary of Pearl Global.
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