/ -- Pennar Industries Limited (PIL), a leading value-added engineering products and solutions company announced that it has received approval from National Company Law Tribunal (NCLT) to merge its subsidiaries Pennar Engineered Building Systems Limited (PEBS Pennar) and Pennar Enviro Limited (PEL) with itself.
As per the approved scheme, shareholders of PEBS Pennar will get 23 shares of Pennar Industries for 13 shares held and shareholders of Pennar Enviro will get one share of Pennar Industries for every one share held. The NCLT approval has approved the appointed date of the scheme (effective date) to be April 1, 2018.
Commenting on the approval, Mr. K M Sunil, Vice President - Corporate Strategy, Pennar Industries, said, "The merger is expected to create a leaner group structure, result in better synergies and optimisation of costs and improved fund utilisation. It will also result in PIL having a better capital structure, pooled resources and synchronised growth plans. This will eventually lead to focused growth, higher profitability and shareholder value creation."
About Pennar Industries Limited:
Pennar Industries (NSE: PENIND) (BSE: 513228) is India's leading value-added engineering products and solutions company. The Company has a strong presence across growth sectors in India through four business units Railways, Tubes, Industrial Components and Steel Products, and its subsidiary companies, Pennar Engineered Building Systems Limited, Pennar Enviro Limited and Pennar Global Inc. Pennar's all the manufacturing units are ISO 9001:2008-certified and the Company has presence across 10 industry verticals. Pennar has over 30 years of rich experience and more than 1,000 precision engineered products, 2,500 tools and dies, over 600 customers and seven manufacturing plants located at Patancheru, Sadashivpet, lsnapur, Velchal and Mallapur near Hyderabad, Chennai in Tamil Nadu and Tarapur in Maharashtra. For more information, please visit www.pennarindia.com
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