Two-wheeler maker Kinetic Motor has informed that it will invest up to Rs 30 crore in Mahindra Two Wheelers Pvt. Ltd to acquire 2.95 crore equity shares of the latter.

Behind this, the members of the company, have approved to increase its authorized share capital to Rs 93.56 crore by creation of new five lakh redeemable cumulative preference share of Rs 100 each.

During company's extraordinary general meeting, the board has passed the Ordinary Resolution by way of postal ballot under Section
293(1) (a) of the Companies Act,1956 pertaining to sale, transfer and / or otherwise dispose of its assets to Mahindra Two Wheelers Pvt. Ltd.

Earlier, the company had announced that it will extend the brand license agreement with Kinetic Engineering for the use of 'Kinetic' brand and will also sub-license the brand to Mahindra Two Wheelers.

According to an estimate, Kinetic Motor presently has authorized share capital of Rs 88.56 crore.