Kaynes Tech board approves up to Rs 1,600-crore fundraise plan, stock crashes 10%
The company said the funds may be raised through the issuance of equity shares by one or a combination of the public and private offerings
Kaynes Technology India
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Kaynes Technology India Limited shares crashed over 10 percent on January 22 to trade at Rs 5,345 apiece. The fall in stock price was further heightened after the company announced in an exchange filing that its board of directors has approved a plan to raise funds worth up to Rs 1,600 crore.
However, Kaynes Technology, in an exchange filing, did not confirm the exact method in which the funds would be raised. The company said the funds may be raised through the issuance of equity shares by one or a combination of the public and private offerings. The possible methods include qualified institutional placement (QIP), rights issue and more.
The company also announced that its board has approved the constitution of a committee for dealing with matters related to the reported fundraising.
Notably, Kaynes Technology shares were down since the morning market hours, before the company released its exchange filing on the fund raise. The stock opened marginally lower at Rs 5,956 and later dropped around 10 percent to hit an intraday low of Rs 5,344.80. This comes amid a lower market sentiment.
The stock has so far fallen over 18 percent in the past five days. However, even at current levels, the stock is up almost 100% in the past one year.
On January 20, the company had announced that its board of directors will meet on January 27 to consider and approve its financial results for the quarter and nine months that ended on December 27,2024.
Kaynes Technology is an integrated electronics manufacturer, providing end-to-end IoT-enabled solutions across the full range of Electronics System and Design Manufacturing (ESDM) services. With over 30 years of expertise, it delivers conceptual design, process engineering, integrated manufacturing, and lifecycle support for key sectors such as automotive, industrial, aerospace, space, strategic electronics, medical, railways, IoT, and IT.
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