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Gilt Pack Ltd.

BSE: 507711 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Gilt Pack Ltd
NSE 05:30 | 01 Jan Gilt Pack Ltd

Gilt Pack Ltd. (GILTPACK) - Company History

Gilt Pack Ltd., incorporated as M/s Giltedge Trading Private Ltd., on Aug 28, 1984 has became deemed public company on Nov 19, 1985 and subsequently converted into a public limited company on Nov 19, 1985 under the present name. The company is into manufacture of HDPE/PP laminated/unlaminated woven fabrics and sacks. It has commenced commercial production in Jul '86. It is the only manufacturer in the country today, to have quality mark of ISI for the HDPE bags from the Bureau of Indian Standards. GPL's customer list includes major companies such as National Fertilisers, IFFCO, KRIBHCO, ACC, L&T, Rajshree Cement, J K Cement etc. Defence Departments also account for a sizable part of the company's sales for supply of sand bags. GPL came out with a public issue in July 1994 at a premium of Rs.6/- per equity share of Rs.10/ aggregating to Rs.33.08 Crores to fund its diversification plans and export-oriented project for manufacture of HDPE Tarpaulins and Woven Socks with an installed capacity of 4154 MTPA and 623 MTPA respectively. The company has increased the installed capacity of HDPE Tarpaulin and FIBC (Jumbo Bags) by 2048 MT during the year 1995-96. The company has alloted 2,80,000 equity shares of Rs.10/-each at par to Palmetto Industries International Inc.(PIIC), USA on preferential basis. The company's rehabilitation scheme prepared and approved by the BIFR has run into rough weathers as the SBI & IDBI Bank, who were initially okayed the scheme has all in a sudden pulled back. SBI wemt om appeal to AAIFR once the BIFR kept out SBI & IDBI Bank out of the scheme. On appeal the AAIFR has modified the Scheme, and it became unviable to the compay, The company is now seeking legal opinion about the next course of action.