Gloster Ltd

The board of Gloster has approved a 1:1 bonus issue of shares. In a meeting on Tuesday, the board also approved a proposal for amalgamation of the company with Kettlewell Bullen & Company (Kettlewell) with effect from January 1, 2015. Kettlewell is a non-banking financial promoter group company of Gloster. Under the scheme, the shareholders of Gloster (excluding Kettlewell) will be issued four equity shares of Kettlewell for every five equity shares held in Gloster. The scheme of amalgamation is expected to result in better realisation of potential of the businesses of the companies, yield beneficial results and enhanced value creation for the companies and their respective shareholders, Gloster said. The scheme will be subject to approval of the stock exchanges, shareholders, the High Court of Calcutta and other statutory authorities. Shares of Gloster closed at ₹599.30, up 7.6 per cent from the previous closing, on the BSE.