Kaynes Technology India shares in focus as firm sets QIP floor price at 6% discount

Shares of Kaynes Technology India Ltd will be in focus on Tuesday morning after the company told stock exchanges that it has launched its proposed qualified institutions placement (QIP) of equity shares at a floor price of Rs 2,449.96 apiece, which was at a 5.91 per cent discount to its Monday's closing price of Rs 2,603.95. The company said it may, at its discretion, may offer a discount of 5 per cent on the floor price.

To recall, the board of Kaynes Technology India at its meeting on November 18 had approved raising of funds through issuance of instruments or security including equity shares or any other eligible securities by way of one or more public and/or private offerings including on a preferential allotment basis or a qualified institutions placement for an amount not exceeding Rs 1,400 crore.

"Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and in accordance with the approval of the members of the company accorded through a special resolution on Saturday December 16, 2023, the company at its discretion may offer a discount of not more than 5% on the floor price so calculated for the issue. The Issue price will be determined by the company in consultation with the lead managers appointed for the Issue," Kaynes Technology said in the BSE filing.

Kaynes Technology India said a meeting of the Fund Raising Committee of the company would be held on Thursday, December 21, to consider and determine the issue price of equity shares to be issued pursuant to the issue, including any discount on the floor price calculated in accordance with the SEBI ICDR Regulations.

The company, meanwhile, also announced acquisition of Digicom Electronic Inc for $2.5 million. Digicom Electronics Inc is an electronic manufacturing services company headquartered in the USA.

Also read: GIFT Nifty down 8 points: Asian markets, crude oil prices, dollar movement, & more

Also read: Top stocks to watch on December 19, 2023: Vedanta, HCL Technologies, GMR Airports, Aurionpro Solutions, Mysore Paper Mills and more