Kinetic Engineering approves Preferential Issue of Equity shares to the Promoter Group Company

The Board of Kinetic Engineering Ltd. (KEL), which recently celebrated its 50th anniversary, in its board meeting held on Tuesday, approved issue of equity shares on a preferential basis to its Promoter Group company, M/S Micro Age Instruments Pvt. Ltd. (MAIPL). KEL board approved Preferential Issue of 8,79,310 equity shares @ Rs. 116 per share (including premium of Rs. 106 per share) to group company MAIPL amounting to Rs. 10.20 Cr. This present preferential issue is in addition to the recent allotment of Equity shares at Rs. 92.50 per equity share (including a premium of Rs. 82.50 per equity share) on preferential basis to the Managing Director, Mr. Ajinkya Firodia.

Expressing satisfaction on further issue of equity shares, Mr Ajinkya Firodia said, "The promoters have always been supportive of the company and this approval for further equity infusion by the Promoter Group company, even though at a substantially higher price than earlier, further affirms the faith and confidence that the promoters have in the bright future of the company and its management."

"The company has recently also announced formation of a new subsidiary to explore emerging opportunities in the EV mobility space. This further proposed preferential allotment of equity shares further strengthens the company's position to exploit the upcoming opportunities in the EV space", Mr Firodia said.

Source : Equity Bulls

Keywords

KineticEngineering PreferentialIssue PromoterGroup FundRaising