Kaynes Technology India Ltd. will build the Kayne Centre, which will be part education and part science and technology-related venture, according to Chief Financial Officer Jairam Sampath.
Earlier on June 5, a promoter of the Mysuru-based Kaynes Technology India divested a 1.8% stake in the company for Rs 624 crore through open market transactions.
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According to the bulk deal data, promoter Ramesh Kunhikannan sold 6.25 lakh shares of Kaynes Technology India on the NSE and offloaded 5 lakh shares of Kaynes on the BSE — cumulatively a 1.8% stake in the company. After the latest transaction, Kunhikannan's stake in Kaynes Technology India came down to 55.91% from 57.71%.
"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.
"The Centre will be built in Mysore. We have started working on this and hopefully in a three-four-year timeframe, this will become a reality," he said. "This will also help in developing the technology aspirations of people nearby."
Kaynes Technology has a strong order book and the order inflow is also increasing. "For this year, we are guided for good growth... Without the acquired company, which is the Canada-based August Electronics, we would do about Rs 4,350 crore," he said.
"We have also increased our guidance on profitability. We would probably hit 15.6% Ebitda this year. Because most of the orders are visible to us and we can make a fair bit of estimation," Sampath said.
Shares of Kaynes Tech closed 1.25% lower at Rs 5,660 apiece, compared to the 0.4% advance in the benchmark NSE Nifty 50. It has risen 67.31% in the last 12 months and fallen 23.77% on a year-to-date basis.
Nine out of the 24 analysts tracking the company have a 'buy' rating on the stock, 10 recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.2%.
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