Kinetic Motor to issue CCPS and OCCPS

Kinetic Motor Company Ltd has announced that the Committee of Directors (CoD) at its meeting held on November 24, 2006, has decided the composition of Preference Shares to be issued to Kinetic Engineering Ltd (KEL) subject to approval of shareholders in the EGM to be held on December 20, 2006. Accordingly, the Company will issue to KEL 15,30,000 Convertible Cumulative Preference Shares (CCPS) of face value of Rs 65/- each (each CCPS is convertible into one fully paid up Equity Share of face value of Rs 10 each at a premium of Rs 55/- per share) 23,15,500 Optionally Convertible Cumulative Preference Shares (OCCPS) of face value of Rs 65 each (each OCCPS is convertible into one fully paid up Equity share of face value of Rs 10 each at a premium of Rs 55/- per share at the option of KEL which option is to be exercised within 18 months from the date of allotment of OCCPS) and 7,70,000 Redeemable Cumulative Preference Shares (RCPS) of face value of Rs 65 each. The Authorised Share Capital of the Company which is proposed to be increased to Rs 62,00,00,000 will be divided into 2,69,94,250 Ordinary shares of Rs 10/- each 15,30,000 CCPS of Rs 65/- each 30,85,500 OCCPS of Rs 65 each and 7,70,000 RCPS of Rs 65/- each.

Source : Equity Bulls

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