Kinetic Engineering Ltd to raise funds

Kinetic Engineering Ltd has announced that the Board of Directors of the Company at its meeting held on December 18, 2007 has decided to raise / mobilise funds to the tune of Rs 100.01 crores to meet the requirement of funds of the Company for Capital Expenditure and Working Capital by way of combination of issue of convertible securities on preferential basis and/or convertible securities in Foreign Currency. Board has formed Committee of Board members and empowered it to take all decisions in this regard including convening General Meeting of Members of the Company to obtain their approval.

Subject to obtaining approval from Members of the Company, to issue Optionally Convertible Cumulative Preference shares (OCCPS) to M/S Micro Age Instrument Pvt Ltd on preferential basis as per the SEBI Guideline in this respect for a value of Rs 13.50 crores.

Scheme of merger of Jay Hind Sciaky Ltd (JHS) with the Company was discussed and deferred for next Board Meeting.

To extend current Financial by further 03 months, so as to end it on March 31, 2008.

Source : Equity Bulls

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