Private equity firm Clearwater Partners will invest around Rs. 90 crores in Kinetic Engineering Limited (KEL). Clearwater will get non-convertible debentures worth Rs. 75 crores, and warrants at market price, to be converted to equity, which would constitute around 10% of KEL’s stake.
The group is consolidating its two-wheeler manufacturing under Kinetic Motor Company (KMCL), while the flagship KEL will become the group’s auto component manufacturer. Earlier, KMCL had brought in a Taiwanese company SYM as equity partner, with a 11.1% stake. SYM had purchased the shares at around Rs. 14 crores, and is keen to hike its stake in the company and that its officials had met the Kinetic officials.
Read the complete article in The Economic Times.
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