Kirloskar Oil Engines updates on Arka Financial Holdings Pvt Ltd

Kirloskar Oil Engines Limited has invested Rs. 748,99,92,300/- towards the Rights Issue of equity shares having face value of Rs. 10/- each of Arka Financial Holdings Private Limited (AFHPL - a wholly owned subsidiary) as per payment terms covered in the Letter of Offer issued by AFHPL to the Company. As communicated vide letter dated 13th May 2021 and 28th October 2021, the Board of Directors had decided to keep the total investment in financial service subsidiaries, directly or indirectly, capped at Rs. 1,000 Crores including the investment made so far.

The Company has transferred 68,09,02,231 fully paid-up equity shares having face value of Rs. 10/- each of Arka Fincap Limited (AFL - Subsidiary Company) to AFHPL, a wholly owned subsidiary at Rs. 748,99,24,541/-, which is not less than the fair market value of equity shares of AFL calculated as per provisions of Income Tax Act, 1961 including rules thereunder and amendment(s) thereto. Accordingly, the Company is holding 99.998% of AFL on its own and through AFHPL. As such AFL continues to be a subsidiary of the Company.

Shares of Kirloskar Oil Engines Limited was last trading in BSE at Rs. 188.20 as compared to the previous close of Rs. 180.35. The total number of shares traded during the day was 38336 in over 1733 trades.

The stock hit an intraday high of Rs. 191.80 and intraday low of 180.90. The net turnover during the day was Rs. 7159824.00.

Source : Equity Bulls

Keywords

KirloskarOilEngines INE146L01010 KIRLOSENG Investment ArkaFinancialHoldings ArkaFincap