Pioneer Embroideries has settled its total dues including Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS), from State Bank of India (SBI) under a One Time Settlement (OTS) and paid the settlement amount in full on September 15, 2015.
The company has made necessary adjustments in its books including cancellation of the OCCRPS surrendered by the bank.
Pioneer Embroideries is one of the largest manufacturer-exporter of embroideries, Torchon/Bobbin laces, Raschel laces and other garment accessories. It is also the proud owners of the no.1 retail brand for embroidered clothing ‘Hakoba’.
