Mumbai: Pune-based Kinetic Group announced the completion of the merger of Kinetic Motor Co. Ltd and Kinetic Engineering Ltd (KEL) through a communication to the stock exchanges on Wednesday.
As a result of the merger, the stake of the promoters in Kinetic Engineering goes to 53% from 57%. The balance will be held by public and financial institutions.
Following this, the investment of 61.2 million shares of Rs.10 each in Mahindra 2 Wheelers Ltd will be directly held by KEL.
