Kirloskar Oil Engines Allots Equity Shares To Employees As Stock Options

Kirloskar Oil Engines Limited on Friday through an exchange filing said that the , the Board of Directors in its meeting held on today has approved the following:

i) Investment in ‘Series A‐1 Optionally Convertible Redeemable Non‐Cumulative Preference Shares (the Series A‐1 Preferred Stock – OCRNPS) upto US dollar 5,000,000 (upto Rs. 42 crores) (i.e. upto 500,000 shares of Preferred Stock at a purchase price of US dollar 10 per share) of Kirloskar Americas Corporation, USA, a wholly owned subsidiary of the Company in tranches. This investment is to enable market development in Powergen applications for the North American markets.

ii) Allotment of 12,873 fully paid‐up Equity Shares of Rs 2 each upon exercise of Employee Stock Options pursuant to Kirloskar Oil Engines Limited – Employee Stock Option Plan 2019 (KOEL ESOP 2019).

With this allotment, the Issued and Subscribed Capital of the company has increased from 14,48,70,027 equity shares of Rs 2 each aggregating to R. 28,97,40,054 to14,48,82,900 equity shares of Rs 2 each aggregating to Rs 28,97,65,800.

The paid-up capital of the company increased from 14,48,69,562 fully paid‐up equity shares of Rs 2 each aggregating to Rs 28,97,39,124.

Kirloskar Oil Engines Limited shares

The shares og Kirloskar Oil Engines at 10:35 am IST were trading at Rs 504.05, up by 2.69 percent.

Published on: Friday, September 15, 2023, 10:38 AM IST