Kinetic sells its stake in Mahindra Two Wheelers

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.