-Clothing company House of Pearl Fashions Ltd on Oct 10, filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The company plans to offer 6.12 million shares at a price to be determined during the book-building process, it said in a statement. At least 50 per cent of the share issue will be earmarked for institutional investors, with 35 per cent set aside for retail investors. House of Pearl Fashions didn't disclose the amount of money it aims to raise through the IPO. The investment manager for the issue will be JM Morgan Stanley Private Ltd.
The Company was incorporated as a private limited company under the name
Mina Estates Private Limited on July 5, 1989 under the Companies Act, 1956.
The name of the Company was subsequently changed to House of Pearl
Fashions Private Limited by a special resolution of the members of the Company
passed at the extra ordinary general meeting on May 9, 2006. The fresh
certificate of incorporation consequent upon the change of name was granted
on June 19, 2006, by the RoC. The Company became a public limited company
pursuant to a special resolution of its shareholders passed at the extra ordinary
general meeting on June 28, 2006. Pursuant to this special resolution, the name
of the Company was changed to House of Pearl Fashions Limited. The certificate
of incorporation was amended to reflect the new name on July 31, 2006
by the RoC.
On October 24, 2000, pursuant to a scheme of merger approved
by the Delhi High Court (the ÂMerger SchemeÂ), the Company acquired the
properties, rights and claims of Seth Real Estates Private Limited, Passion
Estates Private Limited, India Watch Company Private Limited, Atlanta Estates
Private Limited, Pearl Housing (India) Private Limited and J.R. Apparel
Private Limited (the ÂTransferor CompaniesÂ) and the Transferor Companies
merged with and into the Company effective April 1, 1999. On January 20, 2001,
under the terms of the Merger Scheme, the shareholders of the Transferor
Companies were granted an aggregate of 5,98,570 Equity Shares in the Company
for consideration other than cash.
Historically, we conducted business as a separate group of companies. Our
domestic operations have been carried out by Pearl Global, a listed company
in India, in which HoPFL owns a 62.8% equity interest. In order to integrate the
international operations with our domestic operations, we commenced a
restructuring of certain of our businesses, which was completed ina phased
manner. On March 28, 2006, HoPFL incorporated its wholly-owned subsidiary
in Mauritius, Multinational Textiles, which acquired a 100% equity interest in
Global Textiles Group, a Mauritius company, on March 31, 2006, and an 85%
equity interest in Norwest Industries (HK), a Hong Kong company, on May
31, 2006. Global Textiles Group owns Depa U.S., Poeticgem and PT Norwest,
our principal operating companies in the United States, the United Kingdom
and Indonesia, respectively. On March 28, 2006, HoPFL also acquired
approximately 99.9% and 98.0%, respectively, of Nor Pearl and Norp Knit,
companies incorporated in Bangladesh.
Following the restructuring, in addition to Pearl Global, each of Multinational
Textiles, Nor Pearl, Norp Knit, Norwest Industries (HK), Global Textiles Group,
Poeticgem, PT Norwest, Depa U.S., Poeticgem Canada and Pacific Logistics
became a direct or indirect subsidiary of HoPFL. Further, on August 1, 2006,
we also incorporated HoP (U.S.), a wholly-owned subsidiary in the U.S. Our
indirect subsidiary, Depa International (Canada) Inc., was acquired by our
subsidiary, Poeticgem on October 1, 2006.
The name was changed to ÂPoeticgem (Canada) LimitedÂ on October 12, 2006.
1987 Pearl Global started operations
1994 Pearl Global lists at the BSE, NSE, DSE and ASE
1998 Establishment of international presence with incorporation of Norwest
Industries in Hong Kong
2002 PT Norwest, Indonesia started production
2002 Setting up of sourcing office in China
2004 The Company acquired import and distribution businesses in the U.S.A.
and the U.K. and also consolidated overseas entities
2005 Setting up of sourcing office in Bangladesh
2005 Nor Pearl and Norp Knit, subsidiaries in Bangladesh commenced
2006 Reorganization of group companies and consolidation of operations
under House of Pearl Fashions Limited
2006 HoP (U.S.), new subsidiary incorporated in U.S.
1987 Pearl Global started operations
- House of Pearl Fashions Limited (HOPFL) through its subsidiary, House of Pearl Fashions (US) Ltd has signed a multi year agreement with Geoffrey Beene, LLC for Men's Casual Shorts and Dress Slacks under the Geoffrey Beene Label.
-Company has changed its name from House of Pearl Fashions Ltd. to Pearl Global Industries Ltd.
- Board has recommended a Dividend of Rs. 1.00 per equity share of nominal value of Rs. 10 each.
- Board has recommended a Dividend of Rs. 2.00 per equity share of nominal value of Rs. 10 each.