Kinetic's shares to Sanyang for new scooter

New Delhi, Oct 15: Kinetic Motor Company Ltd today said its board has approved the issue of 8,71,795 compulsory convertible preference shares of face value of Rs 39 each to Sanyang Industry Company Ltd (SYM) on preferential basis.

The shares will be compulsorily convertible into one fully paid up equity share of Rs 39 each within a period of 18 months form the date of allotment, said a statement.

Proceeds of the issue will be utilised to meet the requirement of funds for the development, production and launching of new Scooter model.

UNI