The Board of Kinetic Engineering Ltd (KEL), which recently celebrated its 50th anniversary, in its board meeting held on Tuesday, approved the issue of equity shares on a preferential basis to its Promoter Group company, M/S MicroAge Instruments Pvt Ltd, (MAIPL).
KEL board has approved the Preferential Issue of 879,310 equity shares at INR 116 per share (including a premium of INR 106 per share) to group company MAIPL amounting to INR 10.20 crore. This issue is in addition to the recent allotment of equity shares at INR 92.50 per equity share (including a premium of INR 82.50 per equity share) on a preferential basis to KEL’s Managing Director, Ajinkya Firodia.
Firodia said, “The promoters have always been supportive of the company, and this approval for further equity infusion by the Promoter Group company, even though at a substantially higher price than earlier, further affirms the faith and confidence that the promoters have in the bright future of the company and its management.”
The company has recently also announced the formation of a new subsidiary to explore emerging opportunities in the EV mobility space. This further proposed preferential allotment of equity shares, as per Firodia, further strengthens the company’s position to exploit the upcoming opportunities in the EV space.
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