Gloster announces 1:1 bonus share issue

The Scheme shall be subject to the approval of the Stock Exchange, shareholders and the Hon'ble High Court of Calcutta and other authorities as may be required under applicable law.

Mar 30, 2016 03:03 IST India Infoline News Service

Gloster Ltd has announced that the Board of Directors of the Company at its meeting held on March 29, 2016, has considered and approved the proposal of the amalgamation of Gloster Limited with Kettlewell Bullen & Company Limited ("Kettlewell") with effect from January 01, 2015 in terms of a draft Scheme of Amalgamation tabled before the Board under Sections 391-394, of the Companies Act, 1956 or under Section 230-234 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 1956 and/or Companies Act, 2013 ("Scheme") .

The Board of Directors of Kettlewell has also in their Board meeting held on March 29, 2016, approved the said Scheme. The Scheme shall be subject to the approval of the Stock Exchange, shareholders and the Hon'ble High Court of Calcutta and other authorities as may be required under applicable law.

Gloster Ltd ended at Rs. 557, down by Rs. 45.7 or 7.58% from its previous closing of Rs. 602.7 on the BSE.

The scrip opened at Rs. 640 and touched a high and low of Rs. 640 and Rs. 543 respectively. A total of 4172(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 291.31 crore.

The BSE group 'XC' stock of face value Rs. 10 touched a 52 week high of Rs. 768 on 29-Dec-2015 and a 52 week low of Rs. 166 on 22-Apr-2015. Last one week high and low of the scrip stood at Rs. 640 and Rs. 543 respectively.

The promoters holding in the company stood at 66.47 % while Institutions and Non-Institutions held 22.17 % and 11.36 % respectively.

The stock traded above its 100 DMA.

Related Story