Pennar Industries (PIL) has received approval from National Company Law Tribunal (NCLT) to merge its subsidiaries Pennar Engineered Building Systems (PEBS Pennar) and Pennar Enviro (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 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.
Pennar Industries is one of India’s leading industrial organizations offering specialized, engineering steel solutions. The company is a multi-location, multi-product company manufacturing cold rolled steel strips & tubes, cold rolled formed sections, electrostatic precipitators, pre-engineered building systems, sheet metal components and road safety systems.
