Kinetic Engineering is currently trading at its upper circuit limit of Rs. 36.95, up by 1.75 points or 4.97% from its previous closing of Rs. 35.20 on the BSE.
The scrip opened at Rs. 36.95 and has touched a high and low of Rs. 36.95 and Rs. 36.95 respectively. So far 949 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 103.00 on 26-Feb-2013 and a 52 week low of Rs. 33.50 on 24-Feb-2014.
Last one week high and low of the scrip stood at Rs. 36.95 and Rs. 33.50 respectively. The current market cap of the company is Rs. 50.13 crore.
The promoters holding in the company stood at 53.99% while Institutions and Non-Institutions held 1.06% and 44.95% respectively.
Kinetic Engineering has sold its entire shareholding in Mahindra Two Wheelers (MTWL) to Samena Capital, a Private Equity Investment Group focused on Asia and Middle east. Kinetic group had originally acquired stake in MTWL over 5 years ago, in November 2008, when its group Company, Kinetic Motor Company (KMCL), sold its two wheeler business assets to MTWL, for cash as well as a 20% strategic equity stake. Subsequently, KMCL was merged with KEL in year 2012, and thus, the stake had been transferred to KEL.
The stake sale will fetch approximately Rs 182.1 crore to KEL, and after certain committed payments towards NCD repayments and cost of financing etc, KEL expects to receive net proceeds of around Rs. 109.8 crore. KEL will utilize the net proceeds to meet various obligations of its business including working capital and substantially towards FCCB/debt repayment obligations to strengthen its balance sheet.
KEL has recently entered into two technical alliances, with Magna Steyr and with TGB of Taiwan and intends to build its business with a focus on Transmission Systems through these tie ups.
Kinetic Engineering offers engineering & manufacturing excellence and has a diverse product portfolio to manufacture all transmission components (gears, shafts, axles etc), engine components (crankshafts, cylinder heads, camshafts etc), complete gearbox & engine assemblies for auto & non auto products.
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