India's Kinetic Engineering extends $18 million FCCBs to February 2014

By Toni Weeks

San Luis Obispo, Calif., Feb. 13 - Kinetic Engineering Ltd. informed the Bombay Stock Exchange that the Reserve Bank of India approved extending the maturity of the company's $18 million of foreign currency convertible bonds to Feb. 15, 2014 from Feb. 15, 2013, according to a notice.

The approval was announced at the company's board of directors' meeting on Wednesday, during which the board announced that bondholders had given unanimous consent to the company's restructuring by approving the one-year extension.

The board also said that the company's merger with Kinetic Motor Co. Ltd. had been completed.

Pune, India-based Kinetic Engineering designs and manufactures transmission components, engine components and complete gearbox and engine assemblies for auto and non-auto products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.