Mysore-based Kaynes Technology on Wednesday announced that it had received Rs 257 crore from anchor investors ahead of its initial share sale. Anchor investors include Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and WhiteOak Capital.
The OFS consists of promoter Ramesh Kunhikannan selling 20.84 lakh shares and current shareholder Freny Firoze Irani selling 35 lakh shares. Proceeds from the fresh issue will be used to repay debt, fund capital expenditure at its manufacturing facilities in Mysore and Manesar and meet working capital requirements.
Kaynes Technology is an integrated electronics manufacturing player with end-to-end and Internet of Things (IoT) solutions with capabilities spanning the full spectrum of electronic systems design and manufacturing services.
Has provided conceptual design, process engineering, integrated manufacturing and lifecycle support to major players in automotive, industrial, aerospace and defense, outer space, nuclear, medical, rail, IoT (IoT), information technology (computer science), and other sectors.
The company operates eight manufacturing facilities in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
The lead managers of the issue are DAM Capital Advisors and IIFL Securities.