Kaynes Tech's Rs 1600 Cr QIP: Floor Price at Rs 5625.75

New Delhi, Jun 19 (PTI) Electronics manufacturing services company Kaynes Technology on Thursday announced the floor price at Rs 5,625.75 per share for raising Rs 1,600 crore though issue of equities on a qualified institutional placement basis.

The fundraise plan was approved by the company's board on January 22 and by shareholders on February 14, the company said in regulatory filing.

The fund raising committee, at its meeting held on June 19, inter alia, passed resolutions for opening of the issue today; approving the floor price for the issue, being Rs 5,625.75 per equity share (floor price)," the filing said.

The company plans to use the fresh funds for expansion overseas and deepening technology footprint through organic and inorganic route as part of its plan to achieve USD 1 billion revenue by 2028.

The company is setting up a semiconductor assembly and testing plant with a capital expenditure of Rs 3,300 crore, out of which 50 per cent will be funded by the Centre and 25 per cent by the state government.