Kinectic Motor to issue shares to Billion Ally
New
Delhi,
Nov
26:
Country's
leading
two-wheeler
manufacturer
Kinetic
Motor
Company
Ltd
today
said
its
board
has
given
a
go-ahead
to
issue
8,71,795
cumulative
compulsorily
convertible
preference
shares
(CCCPS)
with
face
value
of
Rs
39
each
to
Billion
Ally
Ltd
(BAL).
CCCPS will be compulsorily convertible into one fully paid up equity share of Rs 10 each within 18 months from the date of allotment. Proceeds of the issue will be utilised to meet the requirement of funds for the development, production and launching of new scooter model, a company statement said.
UNI
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Story first published: Monday, November 26, 2007, 13:14 [IST]