Kirloskar Brothers Investments Ltd Company Summary

Kirloskar Brothers Investments Ltd Summary

Kirloskar Brothers Investments Ltd was incorporated on April 16, 2009 as a wholly owned subsidiary of Kirloskar Brothers Ltd (KBL) and received the certificate of commencement of business on May 29, 2009. The company was established as an investment company for the purpose of transfer and vesting of certain investments of KBL, on going concern basis.As per the scheme of arrangement between the company and Kirloskar Brothers Ltd, certain investments held by Kirloskar Brothers Ltd in the equity shares of Kirloskar Oil Engines Ltd (now known as Kirloskar Industries Ltd), Kirloskar Pneumatic Company Ltd, Kirloskar Kenya Ltd, Kirsons Trading Pte Ltd, Housing Development Finance Corporation Ltd, ICICI Bank Ltd, Kulkarni Power Tools Ltd, Maharashtra State Co-operative Bank Ltd, Kranti Sahakari Sakhar Karkhana Ltd, Kirloskar Toyoda Textile Machinery Pvt Ltd, Pooja Credits Pvt Ltd and Kirloskar Silk Industries Ltd stands vested in the company with effect from the appointed date, March 2, 2010.Pursuant to the scheme of arrangement, Pooja Credits Pvt Ltd and Kirloskar Silk Industries Ltd became 100% subsidiaries of the company.The companys equity shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE) with effect from January 4, 2011.In May 2011, the company acquired shares of Kirloskar Oil Engines Ltd from the promoters through Interse transfer of shares amongst the group through market and the share holding of the company in Kirloskar Oil Engines Ltd went up from 38.06% to 41.84%. Pooja Credits Pvt Ltd (PCPL), which is a wholly owned subsidiary the company, holds 8.76% in Kirloskar Oil Engines Ltd. Consequently, Kirloskar Oil Engines Ltd became a subsidiary company.Also, the company acquired the shares of the Kirloskar Pneumatic Company Ltd (KPC) from promoters through Interse transfer of shares amongst the group through market, the companys holding in KPC has gone up from 35.40% to 50.58%. Consequently, KPC became a subsidiary company.As per the scheme of amalgamation, Pooja Credits Pvt Ltd (PCPL), the company wholly owned subsidiary company got amalgamated with the company with effect from April, 2011.