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