Apparel manufacturer PDS (NSE:PDSL, BOM:538730) has reduced its shareholding in Hong Kong-based subsidiary Nor Lanka Manufacturing to 90.5%, according to a Thursday filing to the Indian bourses.
The stake reduction from 100% was a result of Nor Lanka issuing and allotting equity shares to employees of the PDS Group.
The issuance and allotment have been approved by relevant Hong Kong regulators.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.