Kinetic Motor to allot Debentures to Citicorp Finance

Kinetic Motor Company Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on September 13, 2006, have accorded to the Board to offer, issue and allot 6,50,000 Fully Convertible Redeemable Debentures on preferential basis, convertible into 6,50,000 Equity Shares of Rs 10/- each to Citicorp Finance India Ltd at a price of Rs 65/- per share (Rs 10/- face value + Rs 55 Premium) which price is higher than the price calculated as per the formula specified in Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines 2000 for the preferential Issues, subject to necessary provisions & approvals.

Source : Equity Bulls

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