Kinetic to raise Rs 10cr from Bennett, Coleman

The board of directors of Kinetic Motor Company, which met today, approved a proposal to issue 14,18,000 equity shares of Rs 10 each at Rs 70.52 per share on preferential basis to Bennett Coleman & Company.

According to a release issued by Kinetic to the BSE today, the move is subject to the approval of shareholders at the EGM to be held on November 9, 2005.