The media had reports that Mahindra & Mahindra Ltd. may acquire stake in Kinetic Motor Company Limited for an expected deal size of Rs. 70-80 crores.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Mahindra & Mahindra Ltd. has vide its letter inter-alia stated, "The Company examines/pursues various opportunities in different areas, from time to time on a continuing basis and it is not practicable to comment upon every opportunity at every stage. Further, the Company is not in a position to confirm or deny the veracity of the report given its policy of not commenting on speculative reports that emanates from such activity."
Kinetic Motor Company Limited has vide its letter inter-alia stated, "The said news item is purely of speculative nature. The company is exploring various alternatives to raise funds for its two wheeler business. However no definitive agreement has been entered with any investor or Mahindra & Mahindra Limited." -- www.nseindia.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
