Kaynes Tech begins Rs 1,400 cr QIP; to acquire US-based firm for $2.5 mn

Kaynes Technology Ltd has commenced a qualified institutional placement (QIP) on Monday with the aim of raising Rs 1,400 crore, according to a report by CNBC-TV18. The company also announced its plans to acquire Digicom Electronics Inc for $2.5 million to further its expansion into the United States.

The QIP floor price is set at Rs 2,449.96 per share, constituting a 6 per cent discount to Monday’s closing price for Kaynes shares. The company may also offer a discount of up to five per cent on the floor price at its discretion.