Kinetic Engineering stock flat after 3% jump; promoters to infuse Rs 28 crore
Introduction:
Kinetic Engineering Limited rise 3%: After a 3% increase, Kinetic Engineering’s stock is flat; promoters are injecting Rs 28 crore.
The promoters will invest Rs 28 crore in the company, which will include the purchase of 80,000 OCCPS and Rs 27.42 crore worth of Equity Shares.
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At its factory in Ahmednagar, the Pune-based Kinetic Engineering Limited produces roughly 100 different vehicle parts.
Kinetic Engineering Limited rise 3%
On September 12, the stock of Kinetic Engineering opened up 3% but was trading flat by late morning. Kinetic Engineering stock was trading at Rs 133.95 at 11:09 a.m., compared to Rs 133.90 at the day’s closing.
Kinetic Engineering’s promoters
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On September 11, Kinetic Engineering’s promoters announced that they would be investing Rs 28 crore in the company, including the purchase of 80,000 optionally convertible cumulative preference shares (OCCPS) at Rs 120 per share and Rs 27.42 crore worth of equity shares at Rs 120 per share.
A new company made consisting of Kinetic Engineering will produce EV motors, controllers, and batteries.
At its factory in Ahmednagar, the Pune-based Kinetic Engineering Limited produces roughly 100 different vehicle parts. The automaker said in August 2023 that it will consolidate its EV divisions under its subsidiary Kinetic Watts & Volts in order to offer integrated solutions that include vital parts like batteries, motors, and controllers. In September 2022, Kinetic Watts & Volts was established.
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The post Kinetic Engineering Limited rise 3% appeared first on ASWGROUPINDIA.
