Gloster restructuring not in line with its name
Last year Gloster Limited (Gloster) announced the group re-structuring where Gloster got merged with Kettlewell Bullen & Company Limited (KBC) subsequently the name was changed to Gloster Limited. Gloster Limited is engaged in manufacturing and exporting of all types of Jute & Jute allied products, Woven & Non-Woven Jute Geotextiles, Treated Fabric-Rot Proof, Fire Retardant, jute products for Interior Decoration and Packaging of Industrial and Agricultural produce. Company’s two manufacturing units are situated at Bauria, West Bengal. KBC, a promoter group company, was NBFC holding 17% stake in Gloster. Other than Gloster, it was holding shares of few listed & unlisted companies. The Transaction In 2016, the management has decided to merge its listed entity Gloster into unlisted KBC. The appointed date for the transaction was 1 st January 2015. Post-Merger, the name of the KBC changed to Gloster Limited. Further, all cost related to the merger lik...