Kinetic Engineering Limited announced a private placement of 2,285,000 common shares at an issue price of INR 115 per share for gross proceeds of INR 262,775,000, and 190,000 8% optionally convertible cumulative preferred shares at a price of INR 115 per share for gross proceeds of INR 21,850,000, for aggregate gross proceeds of INR 284,625,000 on July 11, 2023. The company will issue shares on preferential basis. The common shares will issue at a premium of INR 105 per share.

The transaction included participation from Dr. Jayashree Arun Firodia for 450,000 common shares for proceeds of INR 51,750,000, Ajinkya A. Firodia for 225,000 common shares for proceeds of INR 25,875,000, Jayashree Firodia Trust for 920,000 common shares for proceeds of INR 105,800,000, and 190,000 convertible cumulative preferred shares for INR 21,850,000, for aggregate proceeds of INR 127,650,000, and Micro Age Instruments Pvt Ltd for 690,000 common shares for proceeds of INR 79,350,000. The transaction has been approved by the board of director's of the company, and subject to approvals from the shareholders. Post capital increase, the promoter stake holding will increase from 54.68% to 59.35%.