Kaynes Technology Launches QIP To Raise Rs 1,400 Crore

Kaynes Technology India Ltd. has launched its qualified institutional placement to raise up to Rs 1,400 crore.

The company's board set the floor price for the issue at Rs 2,449.96 per share, a discount of 5.8% from its previous close of Rs 2,601.65 on the NSE.

Kaynes Technology's board, in the meeting held on Nov. 18, approved raising up to Rs 1,400 crore.

The company informed that it may, at its discretion, offer a discount of not more than 5% on the floor price.

Shares of Kaynes Technology India closed 0.88% higher at Rs 2,603.25 apiece on the NSE, as compared with a 0.18% advance in the benchmark Nifty 50.