Kaynes Technology receives approval from Sebi for IPO

11 Oct 2022 , 08:03 AM

The capital markets regulator Sebi has given Kaynes Technology India Limited (KTIL) the green light to raise money through an initial public offering (IPO).

An offer for sale (OFS) of up to 72 lakh equity shares by a promoter and an existing shareholder, totaling Rs650 crore, is also included in the IPO.

Ramesh Kunhikannan, the promoter, and Freny Firoze Irani, an existing stakeholder, each plan to sell up to 35 lakh equity shares as part of the OFS.

The company submitted preliminary IPO documents to Sebi in April and received its observations letter on October 6.

According to the draft papers, 130 crore rupees of the new issue’s proceeds will be used to pay off debt. In comparison, 98.93 crore rupees will be utilized to fund new capital investments in the company’s Mysore and Manesar production facilities.

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