The board of Kinetic Engineering in its meeting on 13 February 2013 has noted about the completion of the merger of Kinetic Motor Company with the company and noted that the Honourable Bombay High Court has approved the scheme of amalgamation of KMCL with KEL in its final hearing held on 08 February 2013. The final order of the High Court will be received within next 15-20 days.
The board has noted that Reserve Bank of India has granted its approval for the extension of the tenure of $18 million FCCBs by an year from February 2013 to 15 February 2014 within a YTM of 5.83% set as per Mid Swap ratio benchmark.
The board also noted that bondholders have also consented the restructuring by extending the tenure of the FCCBS by a year, by 100% votes cast in favour of the restructuring through clear stream voting system.
The board has appointed Harjit Bhatia as additional director on the board of the company. He has been appointed in place of Santosh Senapati who had resigned from the company.