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HomeMarket NewsKaynes Technology board approves ₹1,600 crore fund raise; stock down 25% from peak
The fund raising could be done through a Qualified Institutional Placement (QIP), or through a preferential allotment or by one or more ways of public or private offerings.
By Hormaz Fatakia January 22, 2025, 12:38:49 PM IST (Published)
Shares of Kaynes Technology India Ltd. are down another 8% on Wednesday, January 22, after a 9% drop during Tuesday's trading session.
In an exchange filing on Wednesday, the company said that its board has approved raising funds to the tune of ₹1,600 crore through various methods.
The fund raising could be done through a Qualified Institutional Placement (QIP), or through a preferential allotment or by one or more ways of public or private offerings.
The board has also constituted a committee of directors of the company to deal with all the matters pertaining to the fund raising.
Shares of Kaynes Tech are trading 9% lower on Wednesday at ₹5,440. The stock had declined 9% on Tuesday after the sell-off that was seen in shares of Dixon Technologies post its December quarter results.
Multiple market experts attributed the fall in Dixon and its peers to valuations concerns, which have made risk-reward unfavourable for most of these names.
Kaynes Tech shares too are down 25% from their recent peak of ₹7,822. Despite the drop, shares are still up over 100% over the last 12 months.
Over a five-year period, shares of Kaynes Technology have gained 633% or over 7x.
