Kaynes Technologies Surges 5% on Rs 1,400 Crore QIP Launch and US Acquisition Approval

19 Dec 2023 , 12:28 PM

Kaynes Technologies surges over 5% in early trade following the launch of a Qualified Institutional Placement (QIP) issue. The company aims to raise Rs 1,400 crore through the QIP, with a floor price of Rs 2,449.46 per share, indicating a 6% discount to the closing price on December 18.

A potential additional discount of up to 5% on the floor price may be offered, as stated in an exchange filing.

The fund-raising committee is set to meet on December 21 to determine the QIP issue price, projected to be around Rs 2,424 per share—a discount of over 1% to the floor price, as per CNBC-TV18 sources. Promoters will have a 90-day lock-in period after the QIP issue.

Approval granted for the acquisition of US-based Digicom Electronics for $2.5 million, expected to enhance Kaynes’ presence in the American market, with completion anticipated by the conclusion of the March quarter of FY24.

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