Kaynes Technology Share Price: Electronics maker Kaynes Technology India made a great debut to the stock markets today, despite the recent volatility in the markets. The scrip was quoted at Rs 775 on BSE, a premium of 32.03 per cent over the issue price of Rs 587. The company commanded a market capitalization of Rs 4,506.04 crore. On NSE, the scrip debuted at Rs 778, an increase of 32.54 percent.
The offering consists of the issuance of new shares worth Rs 530 crore, while existing shareholders and promoters will sell 55.84 lakh shares worth Rs 328 crore through offer for sale (OFS). The OFS includes the sale of 20.84 lakh shares by promoter Ramesh Kunhikannan and 35 lakh shares by existing shareholder Freny Firoze Irani.
The company trimmed its block for the new issue, which was previously proposed to be Rs 650 crore, as it raised the funds through pre-IPO placement in consultation with the issue’s managers.
The net proceeds from the new issue will be used for the repayment or prepayment of certain loans, financing expenses for the expansion of existing production facilities, investments in its subsidiary, working capital needs and general corporate purposes. The company also plans to invest in its Kaynes Electronics Manufacturing Pvt Ltd branch to set up a new facility at Chamarajanagar in Karnataka.
Mysore-based Kaynes Technology is a leading provider of end-to-end and Internet of Things (IoT) solutions for integrated electronics manufacturing, with capabilities across the spectrum of electronic system design and manufacturing services.
It is experienced in providing conceptual design, process engineering, integrated manufacturing and lifecycle support for major players in the automotive, industrial, aerospace and defense, aerospace, nuclear, medical, railway, IoT, information technology (IT) and other segments .
The company has eight production sites in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
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