Kinetic Engineering Limited has submitted additional documentation to BSE Limited regarding the resignation of Mr. Rajpal Sharma from his position as Chief Operating Officer (COO), following a request for supplementary details related to a management change announcement.

Resignation Details and Board Acceptance

The company submitted Mr. Rajpal Sharma's resignation letter to BSE on 19 March 2026, addressing the exchange's email dated 27 February 2026 that sought additional information regarding the corporate announcement made on 03 February 2026. The Board of Directors accepted Sharma's resignation from the COO position during their meeting held on 03 February 2026.

In his resignation letter addressed to Vice Chairman and Managing Director Mr. Ajinkya Firodia, Sharma cited personal reasons for his departure and expressed gratitude to the management for their cooperation, guidance, and support during his tenure.

New COO Appointment

Simultaneously with accepting Sharma's resignation, the Board of Directors appointed Mr. Rajesh Dhongade as the new Chief Operating Officer effective from 04 February 2026. Dhongade brings substantial experience to the role with a comprehensive background in the automotive component manufacturing sector.

Regulatory Compliance and Technical Issues

The company acknowledged that while it consistently adheres to SEBI (LODR) Regulations, 2015, the resignation letter was inadvertently not attached to the original corporate announcement due to a technical glitch in the system. Company Secretary and Compliance Officer Chaitanya Mundra signed the submission digitally, ensuring proper documentation for regulatory records.

The management change disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to maintaining transparency with stakeholders and regulatory compliance.

Kinetic Engineering Limited has secured ₹40 crore through promoter infusion via warrant conversion, marking a strategic capital raise to accelerate expansion across electric vehicle and automotive component businesses. The Board of Directors approved the allotment of 31,00,000 equity shares to promoter group entities during their meeting held on March 11, 2026.

Strategic Capital Infusion Details

The transaction involved allotment of 31,00,000 equity shares with a face value of ₹10 each, issued at a premium of ₹161 per share. The total transaction value aggregated to ₹39,75,75,000, executed as a preferential allotment under applicable provisions of the Companies Act, 2013 and SEBI (ICDR) Regulations 2018.

Promoter Shareholding Enhancement

Following the transaction, promoter shareholding has increased to 65% from 49% recorded four years ago, demonstrating long-term confidence in the company's strategic direction. The shares were distributed among three promoter group entities, with Jayashree Firodia Trust receiving the largest allocation of 15,50,000 shares.

Growth Strategy and Fund Utilization

The capital will support the overwhelming response to the newly launched Kinetic DX electric scooter and accelerate planned distribution expansion. Ajinkya Firodia, Vice Chairman & Managing Director, stated that funds will be utilized for expansion of both EV and component projects, with plans to appoint over 150 dealers for the Kinetic DX nationwide rollout.

Electric Vehicle Portfolio

Kinetic's subsidiary, Kinetic Watts and Volts, recently launched the Kinetic DX electric scooter featuring patented 'EASY' technologies including Easy Charge™, Easy FLIP™ and Easy Key™. The DX EV offers 37-litres under-seat storage and is powered by Range-X LFP battery technology, positioning the company in India's growing electric mobility market.

Warrant Conversion Status

The current allotment represents partial conversion of total warrants held by promoter group entities, with significant warrant balances remaining for future conversion across all three entities.