India Kinetic Engg to float $17 mln debt

Newswire

NEW DELHI, Dec 22 (Reuters) - Kinetic Engineering Ltd said on Saturday it would issue foreign currency convertible bonds worth 700 million rupees ($17.8 million). The capital raised would be used in the production of gearboxes for Tata Motors Ltd's small car, scheduled to be launched in 2008, the auto-components maker said in a statement. Kinetic will raise a further 300 million rupees by issuing compulsory convertible preference shares to the American Investment Group, the firm added. ...

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