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Pennar Industries (PIL) on Thursday said that it has received approval from the National Company Law Tribunal to merge its subsidiaries Pennar Engineered Building Systems and Pennar Enviro with itself. According to the scheme, shareholders of PEBS will receive 23 shares of PIL for 13 shares held, while shareholders of Pennar Enviro will receive one share of PIL for every share held. Trading in PEBS will be suspended after the record date to be fixed by the board of directors.
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