Kinetic Engineering Ltd has informed that the Board of Directors of the Company at its meeting held on January 22, 2008, has taken the following decisions:
1. Board approved execution of Brand License Agreement with one of the associate Company. M/s. Kinetic Motor Company Ltd (KMCL), allowing it to use Trade Mark and Logo registered in the name of the Company for KMCLs business of manufacturing, trading and selling of Automobiles.
2. As part of consolidation of Auto Component business, specially Power Train Components, subject to other required approvals, Board approved merger of Auto Component Division of M/s. Jaya Hind Sciaky Ltd (JHS) with the Company. JHS has two Divisions - one for manufacturing of Auto Components like Variators and Power Train Components and other for manufacture of Capital Coeds like SPM / Welding machines. Company will have multifold benefits from the proposed Merger. As on March 31, 2007 Financial High Lights of Auto Component Division of JHS were as under:
EBITA: Rs 36.2 millions
Revenue: Rs 165.3 millions
Book Value of Net Assets: Rs 311.4 millions
For Scheme of Merger, Net Assets of JHS have boon valued at Rs 280.60 Millions as per the Valuation Report and the Company is proposing to issue 17,82,774 nos. of its equity shares to JHS shareholders, with a SWAP ratio of 3.80:1.
1. Board approved execution of Brand License Agreement with one of the associate Company. M/s. Kinetic Motor Company Ltd (KMCL), allowing it to use Trade Mark and Logo registered in the name of the Company for KMCLs business of manufacturing, trading and selling of Automobiles.
2. As part of consolidation of Auto Component business, specially Power Train Components, subject to other required approvals, Board approved merger of Auto Component Division of M/s. Jaya Hind Sciaky Ltd (JHS) with the Company. JHS has two Divisions - one for manufacturing of Auto Components like Variators and Power Train Components and other for manufacture of Capital Coeds like SPM / Welding machines. Company will have multifold benefits from the proposed Merger. As on March 31, 2007 Financial High Lights of Auto Component Division of JHS were as under:
EBITA: Rs 36.2 millions
Revenue: Rs 165.3 millions
Book Value of Net Assets: Rs 311.4 millions
For Scheme of Merger, Net Assets of JHS have boon valued at Rs 280.60 Millions as per the Valuation Report and the Company is proposing to issue 17,82,774 nos. of its equity shares to JHS shareholders, with a SWAP ratio of 3.80:1.
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