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Kinetic Engineering Ltd.

BSE: 500240 Sector: Auto
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Outcome of Board Meeting

February 13, 2013, 2:26 pm | Source: BSE

Kinetic Engineering Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has transacted the following business:

1. Board Noted about the completion of the Merger of Kinetic Motor Company Limited with the Company and noted that The honourable Bombay High Court has approved the Scheme of amalgamation of KMCL with KEL in it's final hearing held on February 08, 2013. The Final Order of the High Court will be received within next 15-20 days.

2. Board noted that Reserve Bank of India has granted it's approval for the extention of the tenure of $18 Mn FCCBs by an year from February, 2013 to February 15, 2014 within a YTM of 5.83% set as per Mid Swap ratio benchmark.

Board also noted that Bondholders have also consented the restructuring by extending the tenure of the FCCBS by a year, by 100% votes cast in favour of the restructuring through Clearstream voting system.

3. Board of Directors of the Company , have appointed Mr. Harjit Bhatia , as an additional director on the Board of the Company. He has been appointed in place of Mr. Santosh Senapati who had resigned from the Company.