Kaynes Technology Raises Rs 1,400 Crore Via QIP

Kaynes Technology India Ltd. has raised Rs 1,400 crore via qualified institutional placements at an issue price of Rs 2,424 apiece.

The company's board approved the allocation of 57.75 lakh equity shares at an issue price of Rs 2,424 apiece, which is a discount of 1.06% to the floor price, it said in its exchange filing.

The company also approved confirmation of the allocation note that is to be sent to investors of the QIP, intimating them of the allocation of equity shares, it said.

In the meeting held on Nov. 18, Kaynes Technology approved raising up to Rs 1,400 crore. On Dec. 18, it set the floor price for the issue.

Shares of Kaynes Technology India closed 0.19% higher at Rs 2,737.70 apiece on the NSE, as compared with a 0.50% advance in the benchmark Nifty 50.