Kinetic Engineering - Outcome Of Board Meeting

Kinetic Engineering Ltd has informed that the Board of Directors of the Company at its meeting held on February 02, 2007 has passed resolutions for issue of 6,00,000 Warrants of Rs 156/- each to Reliance Capital Ltd and 1,00,000 Equity Shares of Rs 10/- each at Rs 156/- per equity share to Ambit Corporate Finance Pvt Ltd. Each warrant is convertible into one fully paid-up equity share of the face value of Rs 10/- each at a premium of Rs 146/- per share at the option of Reliance Capital Ltd which option is to be exercised within 18 months from the date of allotment of Warrants.