-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
Mina Estates Private Limited on July 5, 1989 under the Companies Act,
The name of the Company was subsequently changed to House of Pearl
Fashions Private Limited by a special resolution of the members of
passed at the extra ordinary general meeting on May 9, 2006. The
certificate of incorporation consequent upon the change of name was
on June 19, 2006, by the RoC. The Company became a public limited
pursuant to a special resolution of its shareholders passed at the
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
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 “Merger Scheme”), the Company acquired
properties, rights and claims of Seth Real Estates Private Limited,
Estates Private Limited, India Watch Company Private Limited, Atlanta
Private Limited, Pearl Housing (India) Private Limited and J.R.
Private Limited (the “Transferor Companies”) and the Transferor
merged with and into the Company effective April 1, 1999. On January
under the terms of the Merger Scheme, the shareholders of the
Companies were granted an aggregate of 5,98,570 Equity Shares in the
for consideration other than cash.
Historically, we conducted business as a separate group of companies.
domestic operations have been carried out by Pearl Global, a listed
in India, in which HoPFL owns a 62.8% equity interest. In order to
international operations with our domestic operations, we commenced a
restructuring of certain of our businesses, which was completed ina
manner. On March 28, 2006, HoPFL incorporated its wholly-owned
in Mauritius, Multinational Textiles, which acquired a 100% equity
Global Textiles Group, a Mauritius company, on March 31, 2006, and an
equity interest in Norwest Industries (HK), a Hong Kong company, on
31, 2006. Global Textiles Group owns Depa U.S., Poeticgem and PT
our principal operating companies in the United States, the United
and Indonesia, respectively. On March 28, 2006, HoPFL also acquired
approximately 99.9% and 98.0%, respectively, of Nor Pearl and Norp
companies incorporated in Bangladesh.
Following the restructuring, in addition to Pearl Global, each of
Textiles, Nor Pearl, Norp Knit, Norwest Industries (HK), Global
Poeticgem, PT Norwest, Depa U.S., Poeticgem Canada and Pacific
became a direct or indirect subsidiary of HoPFL. Further, on August
we also incorporated HoP (U.S.), a wholly-owned subsidiary in the
indirect subsidiary, Depa International (Canada) Inc., was acquired
subsidiary, Poeticgem on October 1, 2006.
The name was changed to “Poeticgem (Canada) Limited” on October 12,
1987 Pearl Global started operations
1994 Pearl Global lists at the BSE, NSE, DSE and ASE
1998 Establishment of international presence with incorporation
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
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
2006 Reorganization of group companies and consolidation of
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.