Kinetic Engineering to raise funds

Kinetic Engineering Ltd has announced that the Company has finalised One Time Settlement (OTS) proposals with most of its lenders. In order to finance the OTS payment, the Board of Directors of the Company at its meeting held on November 22, 2006 has constituted a Committee of Directors to finalise the terms & conditions for issue of convertible / optionally convertible / Redeemable Preference Shares, Warrants, Non-Convertible Debentures etc upto Rs 50 Crores to potential financial investors and Promoters. The Board has also passed Resolutions to increase Authorised Capital of the Company from existing Rs 28 Crores to Rs 50 Crores and to sell / transfer Supa Undertaking / Business for Rs 53.50 Crores and for making investment in the Preference shares of Kinetic Motor Company Ltd as a part of consideration for sale / transfer of Supa undertaking / business subject to necessary approvals.

Source : Equity Bulls

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