Kinetic Engineering seeks EGM approval for issue of warrants at Rs.156 to Reliance Capital & Ambit Corporate

Kinetic Engineering Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on March 02, 2007, inter alia, to transact the following:

1. To create, offer, issue and allot to Reliance Capital Ltd (hereinafter referred to as "RCL" which term shall include its affiliates and nominees) under and by way of a preferential issue, 6,00,000 Warrants of Rs 156/- each, the price arrived at with reference to the ‘Relevant Date’ being the date 30 days prior to the date of the Extraordinary General Meeting i.e. January 31, 2007 as prescribed under the guidelines for preferential issue contained in Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 with a right attached thereto entitling the holder of the Warrants the option to apply for and subscribe to within 18 months from the date of allotment against payment in cash, one fully paid up Equity Share of Rs 10/- each in the share capital of the Company at a price of Rs 156/- per share (Rs 10/- face value + Rs 146/- premium), subject to necessary provisions and approvals.

2. To create, offer issue and allot to Ambit Corporate Finance Pvt Ltd (hereinafter referred to as "Ambit" which term shall include its affiliates and nominees) under and by way of a preferential issue, 1,00,000 Equity Shares of Rs 10/- each, fully paid-up, in the share capital of the Company at Rs 156/- per equity share (including a premium of Rs 146/- per share), the price arrived at with reference to the ‘Relevant Date’ being the date 30 days prior to the date of the Extraordinary General Meeting i.e. January 31, 2007 as prescribed under the guidelines for preferential issue contained in Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, subject to necessary provisions and approvals.

Source : Equity Bulls

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