Kinetic Motor to issue NCD, FCD, warrants to Citicorp Finance

New Delhi, June 21 (UNI) Kinetic Motor has invited Citicorp Finance (India) to be a financial investor and will issue Non Convertible Debentures and Fully Convertible Debentures upto Rs 94 crore, and 15,00,000 warrants convertible into equity at Rs 65 per share to the finance company.

A statement released here said that the board approved the issue of financial instruments including Non Convertible Debentures, Fully Convertible Debentures and Warrants to Citicorp Finance (India) Ltd at a meeting held here today.

The statement also said that the step has been taken to accelerate the product development and launch plans of some new models that the company targets to introduce.

Kinetic Motor Company is the the scooter-manufacturing arm of Kinetic Group. It claims to have acquired a range of 7 path-breaking advanced scooter models from Italjet Spa of Italy, and is now introducing these models in a phased manner to the Indian market.

UNI ARB RA DB2029