Kinetic Engineering stock flat after 3% jump; promoters to infuse Rs 28 crore

The promoters will be infusing Rs 28 crore in the company including purchase of Rs 27.42 crore worth equity shares and 80,000 optionally convertible cumulative preference shares (OCCPS).

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Shares of Kinetic Engineering were trading flat in late morning on September 12, after opening up 3%. At 11.09 am, Kinetic Engineering stock was trading at Rs 133.95, against the previous day’s close of Rs 133.90.

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On September 11, promoters of the engineering and automobile component manufacturing company, Kinetic Engineering, announced that it would be infusing Rs 28 crore in the company including a purchase of Rs 27.42 crore worth equity shares at Rs 120 per share and 80,000 optionally convertible cumulative preference shares (OCCPS) at Rs 120 as well.

Also read: Kinetic Engineering sets up new firm to make EV motors, controllers and batteries

The Pune-based Kinetic Engineering Limited manufactures about 100 different auto components from its manufacturing facility in Ahmednagar. In August 2023, the auto manufacturer said that it would be reorganizing EV arms under its subsidiary Kinetic Watts & Volts in order to provide integrated solutions that offer key components like motors, controllers and batteries. Kinetic Watts & Volts was set up in September 2022.

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