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Kinetic sells its stake in Mahindra Two Wheelers

Posted on Feb 24 2014 | IANS

New Delhi, Feb 24 : Kinetic Engineering (KEL) Monday said it has sold its stake in Mahindra Two Wheelers to private equity investment group Samena Capital for Rs.182 crore.

"Kinetic will receive a consideration of approximately Rs.1,821 million (Rs.182 crore) and after certain committed payments including non-convertible debentures (NCD) repayments, cost of financing the net proceeds would amount to approximately Rs.109.8 crore, which KEL will use for its business operations," the company said in a statement.

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