Kinetic Engineering to issue OCCPS to Micro Age Instruments Pvt Ltd

Kinetic Engineering Ltd has announced that the Committee of Director (CoD) at its meeting held on December 01, 2006, inter alia, has decided to issue, subject to the approval of the shareholders of the Company in the Extra Ordinary General Meeting of the Company to be held on December 27, 2006, to Micro Age Instruments Pvt Ltd (MAIPL) 6,42,000 Optionally Convertible Cumulative Preference Shares (OCCPS) of Rs 156/- each (each OCCPS is convertible into one fully paid up equity share of the face value of Rs 10/- each at a premium of Rs 146/- per share at the option of MAIPL which option is to be exercised within 18 months from the date of allotment of OCCPS) and 3,20,500 Redeemable Cumulative Preference Shares (RCPS) of Rs 156/- each. The Authorised Share Capital of the Company which is proposed to be increased to Rs 50 Crores will be divided into 1,93,60,200 equity shares of Rs 10/- each, 1,50,00,000 Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs 10/- each, 6,50,000 Optionally Convertible Cumulative Preference Shares of Rs 156/- each, 3,20,500 Redeemable Cumulative Preference Shares of Rs 156/- each and 5,00,000 Unclassified Shares of Rs 10/- each.

Source : Equity Bulls

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