16 Jul 2019 | 8:25 AM

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Gloster Ltd to merge with Kettlewell Bullen; scrip jumps 12 pct
  Gloster Ltd.[Old] | 24 Apr 2018 | 03:41 PM
Published on 03-30-2016
Textile manufacturer Gloster Ltd said that the Board of Directors has approved amalgamation of company with Kettlewell Bullen & Company with effect from January 01 2015.


“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” the company said in a filing to the Bombay Stock Exchange.


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 the filling added.


The company has also decided to issue bonus shares to its shareholders in the ratio of 1:1.


Meanwhile shares of the company were trading at Rs 625 apiece up 12.21 per cent from the previous close at 10:24 hours on BSE.