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| Exchange Disseminated Time | Kinetic Engineering Ltd has informed BSE that the Company had issued US$ 18,00,000 2% foreign currency convertible bonds (“Bonds”) under the trust deed dated February 13, 2008 (as amended from time to time) and executed between Kinetic
Engineering Limited (“Company”) and BNY Mellon Corporate Trustee Services Limited (“Trustee"). The maturity date of the Bonds is February 15, 2014.
Further the Company has informed that, the Company is in the process of arranging funds by disposing of certain investments. The proceeds shall be utilized towards repayment of the liabilities of the Company including partially towards the Bonds. The Company has written to the Trustee in this regard and hopes to soon enter into discussions with the Bondholders to finalise a repayment plan. Thus, while the Company will be unable to redeem the Bonds as on date of redemption, the Company is hopeful of resolving this matter with the Bond holders in an amicable manner. |
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