Kinetic Green Raises Rs 168 Cr From Greater Pacific Capital: Report
The funds will be used for repayments of debt, overdue, capital expenditure, and marketing
Kinetic Green, the EV-making arm of Kinetic Group, raised Rs 168 crore in equity and debt from Greater Pacific Capital. The company will use these proceeds for the repayments of debt, overdue, capital expenditure, and marketing.
The board at Kinetic Green has passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore from Greater Pacific Capital, its regulatory filing with the Registrar of Companies (RoC) shows. By allocating 7,04,612 preference shares to the London-based investor the firm has also mopped up Rs 67 crore in Series A.
As per estimates in a study, Kinetic Green has been valued at around Rs 1,467 crore post-allotment. Additionally, the new investor will hold 4.58 per cent of the company, the filings added.
Kinetic Green offers electric three-wheelers and two-wheelers. It also has a partnership with the luxury brand Tonino Lamborghini for electric golf carts and buggies.
