Kaynes Technology Purchases Power Module Production Lines From Japanese Electronics Firm

Kaynes Technology India Ltd., through its arm Kaynes Semicon Pvt., entered into an asset purchase agreement for power module production lines with Japanese firm Fujitsu General Electronics Ltd. according to an exchange filing on Tuesday.

The firm bought production lines for power modules from the company for a sum of 1.59 billion Japanese yen.

On Monday, the firm said it will build a 'Kayne Centre', which is a venture partly focused on education and partly on science and technology, according to Chief Financial Officer Jairam Sampath.

This project will be funded via capital raised from a bulk deal on June 5. A promoter of the company divested a 1.8% stake in the company for Rs 624 crore through open market transactions.

"Whatever has been sold in this small block deal, all of that money will go to the Kaynes Tech Centre. This is part professional-part social venture," Sampath told NDTV Profit.

Shares of Kaynes Tech closed 1.25% lower at Rs 5,583.5 apiece on the NSE, compared to a flat benchmark Nifty. The stock has risen 65.23% in the last 12 months and 24.72% lower on a year-to-date basis.

Out of 24 analysts tracking the company, nine have a 'buy' rating on the stock, 10 recommend 'hold' and five suggest 'sell', according to Bloomberg data.