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Kinetic Engineering allots equity shares amounting to Rs10.20 crore to promoters; Stock up 1.6%

3 Nov 2022 , 12:20 PM

The Board of Kinetic Engineering Ltd (KEL) has allotted shares on preferential basis to its promoter group company, Micro Age Instruments Pvt Ltd, (MAIPL).

The Shareholders’ through the Annual General Meeting of the company had approved allotment of 8,79,310 equity shares at Rs116 per share (including premium of Rs106 per share) on a preferential basis to MAIPL, amounting to Rs10.20 crore.

As per the filing, subsequent to the other compliances and approvals from BSE and payment of Rs10.20 crore by MAIPL, the Board on  Thursday has allotted additional equity shares to the promoter group company.

Ajinkya Firodia said to the exchanges, “The infusion of the equity further strengthens the company’s position to exploit emerging opportunities to grow the business, particularly in the EV space. The company would like to thank its Shareholders, BSE for supporting throughout this process.”

At around 12:18 PM, Kinetic Engineering Ltd is currently trading at Rs114.40 per share up by Rs1.8 or 1.6% from its previous closing of Rs112.60 per share on the BSE.

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