Kinetic Engineering to allot shares on merger

Kinetic Engineering Ltd has announced that the Board of Directors of the Company at its meeting held on August 10, 2009, inter alia, took on record the approval granted by the Hon'ble Bombay High Court, vide Order passed on July 27, 2009 to the Scheme of Arrangement. involving, inter-alia, the merger of the Remaining Undertaking (consisting of investments and Auto Components division) of Jaya Hind Sciaky Ltd (JHSL) with Kinetic Engineering Ltd, with effect from the Appointed Date of April 01, 2005.

The Board authorised the Allotment Committee to issue & allot the equity shares to the shareholders of JHSL as a consideration for the said merger, as stated in the Scheme. The Board views that the said merger is expected to strengthen the reserves of the Company, and also increase its competitive strength in the auto components market.

The stock was trading at Rs.53.80, up by Rs.2.55 or 4.98%. The stock hit an intraday high of Rs.53.80 and low of Rs.53.75.

The total traded quantity was 275 compared to 2 week average of 858.

Source : Equity Bulls

Keywords