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Kinetic Engineering to issue CCPS to AIG

NEW DELHI: Powertrain components manufacturer Kinetic Engineering has finalised an investment of Rs. 30 crore by way of CCPS (compulsory convertible preference shares) to world’s leading investment house AIG and also plans to float FCCBs (foreign currency convertible bonds) worth Rs. 70 crore, subject to Reserve Bank of India approvals. The issue of both instruments is proposed at a minimum price of Rs. 156, according to a company statement. — Special Correspondent

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