Kinetic Engineering to issue Preference Shares to Reliance Capital

Kinetic Engineering Ltd has announced that the Committee of the Board of Directors of the Company at its meeting held on October 08, 2007, has passed for issue of 1,50,00,000 Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs 10/- each to Reliance Capital Ltd & 865384 Optionally Convertible Cumulative Preference Shares (OCCPs) of Rs 156/- each to Micro Age Instruments Pvt Ltd, Subject to obtaining approval of shareholders of the Company.

Each OCCPs is convertible into one fully paid up equity shares of the face value of Rs 10/- each at a premium of Rs 146/- per equity shares at the option of Micro Age Instruments Pvt Ltd which option is to be exercised within 18 months from the date of allotment of OCCPs. It is proposed to convene Extra Ordinary General Meeting of the members on November 06, 2007 seeking its approval of this and other items.

The stock closed the day at Rs.130, up by Rs.0.25 or 0.19%. The stock hit an intraday high of Rs.130 and low of Rs.126.55.

The total traded quantity was 4785 compared to 2 week average of 7474.

Source : Equity Bulls

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