Kinetic Motor Company allots 56 lakh OCCPS

Kinetic Motor Company Ltd has announced that at the meeting of the Allotment Committee of the Board of Directors of the Company held on December 12, 2009, inter alia, has approved allotment of 56,00,000 nos. of Optionally Convertible Cumulative Preference Shares (OCCPS) to Micro Age Instruments Pvt. Ltd., a promoter entity, at a price of Rs. 14.20 per OCCPS, pursuant to the approval accorded by the shareholders as well as the stock exchanges.

The stock was trading at Rs.21.45, up by Rs.0.40 or 1.90%. The stock hit an intraday high of Rs.21.70 and low of Rs.21.

The total traded quantity was 4751 compared to 2 week average of 54673.

Source : Equity Bulls

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