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Kinetic Motor to invest Rs 20 crore in group company
Kinetic Motor Company's board has approved a proposal to invest up to Rs 20 crore in one of its group companies', the scooter maker informed the stock exchanges. Kinetic Motor did not name the group company in which it would be investing. The decision is subject to shareholders' approval, the company said.
Kinetic Motor Company's board has approved a proposal to invest up to Rs 20 crore in one of its group companies', the scooter maker informed the stock exchanges. Kinetic Motor did not name the group company in which it would be investing. The decision is subject to shareholders' approval, the company said.
In 2008, the company had sold its scooter making business to Mahindra & Mahindra , with Kinetic Motor's assets being transferred to a joint venture in which M&M controlled 80%.
For the year ended September 2010, Kinetic reported a net loss of Rs 6.56 crore on sales of Rs 6.36 crore.
The Kinetic Motor board has also cleared a proposal to increase the company's authorised capital to Rs 108.56 crore from Rs 93.56 crore.
At 0952 IST, Kinetic Motor shares were trading at Rs 20.85 on the BSE, up 3% over their previous close.
