 "Kinetic Engineering hits 52-week high; zooms over 100% in one-month")
Kinetic Engineering has soared 9% to Rs 121, extending its month long rally on the BSE, after the committee approved the allotment of equity shares of foreign currency convertible bond holders (FCCBs) at Rs 156 per share.
“The share allotment committee of board of directors of the company, held on December 01, 2015, approved the allotment of 2.34 million equity shares of Rs 10 each at a premium of Rs 146 per share to 3 foreign currency convertible bond holders viz., PineBridge Asia Partners II, L.P., AIA Singapore Private Limited and AIA International Limited as per the settlement reached with the bondholders vide settlement agreement dated July 21, 2015,” Kinetic Engineering said in a statement.
The stock hit a 52-week high of Rs 122 on intra-day trade on the BSE. It zoomed 109% in past one month from Rs 58.40 on November 2, 2015.
The trading volumes on the counter more than doubled with 192,000 shares changed hands till 10:23 AM, against a two-week average of 74,000 shares on the BSE.
With reference to increase in price, the company on November 24, clarified that the company’s debt burden will stand reduced by approximately Rs 182 crore after the payments to bondholders and Reliance entities and company’s networth stands at Rs 43.23 crore.
The company has begun supplies of transmission gears to Renault of its new small car KWID, and also to Magna Powertrain. It expects growth in its revenues in the coming quarters, with the above actions.
“The share allotment committee of board of directors of the company, held on December 01, 2015, approved the allotment of 2.34 million equity shares of Rs 10 each at a premium of Rs 146 per share to 3 foreign currency convertible bond holders viz., PineBridge Asia Partners II, L.P., AIA Singapore Private Limited and AIA International Limited as per the settlement reached with the bondholders vide settlement agreement dated July 21, 2015,” Kinetic Engineering said in a statement.
The stock hit a 52-week high of Rs 122 on intra-day trade on the BSE. It zoomed 109% in past one month from Rs 58.40 on November 2, 2015.
The trading volumes on the counter more than doubled with 192,000 shares changed hands till 10:23 AM, against a two-week average of 74,000 shares on the BSE.
With reference to increase in price, the company on November 24, clarified that the company’s debt burden will stand reduced by approximately Rs 182 crore after the payments to bondholders and Reliance entities and company’s networth stands at Rs 43.23 crore.
The company has begun supplies of transmission gears to Renault of its new small car KWID, and also to Magna Powertrain. It expects growth in its revenues in the coming quarters, with the above actions.
