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Kinetic signs pact with Taiwan firm

CHENNAI: The board of directors of Kinetic Motor Company has recommended a preferential allotment of equity shares to Taiwan-based Sanyang Industry Co. Ltd. (SYM). Kinetic will issue 20.65 lakh shares at a price of Rs. 66 per share aggregating Rs. 13.63 crore as per Securities and Exchange Board of India guidelines amounting to SYM holding about 11.1 per cent stake in the enhanced capital of Kinetic Motor. Kinetic has also entered into a collaboration with SYM for technology and manufacturing of the latter's models in India, according to a release.

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