Kinetic Engineering Ltd allots equity shares at Rs 116 per share amounting to Rs 10.20 crs

The Board of Kinetic Engineering Ltd (KEL), which recently celebrated its 50th anniversary, has allotted shares on preferential basis to its promoter group company, M/S Micro Age Instruments Pvt Ltd, (MAIPL). The Shareholders' through the Annual General Meeting of the company had approved allotment of 8,79,310 equity shares at Rs. 116 per share (including premium of Rs 106 per share) on a preferential basis to MAIPL, amounting to Rs 10.20 crs. Subsequent to the other compliances and approvals from BSE and payment of Rs 10.20 crs by MAIPL, the Board today allotted additional equity shares to the promoter group company.

Mr Ajinkya Firodia said, "The infusion of the equity further strengthens the company's position to exploit emerging opportunities to grow the business, particularly in the EV space. The company would like to thank its Shareholders, BSE for supporting throughout this process."

Shares of KINETIC ENGINEERING LTD. was last trading in BSE at Rs. 112.60 as compared to the previous close of Rs. 110.55. The total number of shares traded during the day was 6006 in over 172 trades.

The stock hit an intraday high of Rs. 112.80 and intraday low of 110.00. The net turnover during the day was Rs. 667299.00.

Source : Equity Bulls

Keywords

KINETICENGINEERING INE266B01017 PreferentialAllotment PromoterGroup