Kaynes Technology Paves Path to Global Expansion with Rs 1,600 Crore Fundraiser

Kaynes Technology, a leading electronics manufacturing services company, declared a floor price of Rs 5,625.75 per share for its latest fundraising initiative aimed at securing Rs 1,600 crore. The issuance is part of a qualified institutional placement that received necessary board and shareholder approvals earlier this year.

The company's fundraising committee sanctioned the move on June 19, marking a significant step in Kaynes' strategy to bolster its international operations and enhance its technological capabilities. This initiative supports the firm's vision to achieve a USD 1 billion revenue milestone by 2028.

Additionally, Kaynes Technology is investing Rs 3,300 crore to establish a semiconductor assembly and testing plant, with financial backing from both central and state governments. This development underscores the company's commitment to strengthening its foothold in the technology sector.

(With inputs from agencies.)