The initial share-sale of Kaynes Technology India Limited (KTIL), an IoT solutions-enabled integrated electronics manufacturing company, will kick off for public subscription on November 10.
The Initial Public Offering (IPO) will conclude on November 14 and the bidding for anchor investors will open on November 9, according to the Red Herring Prospectus (RHP).
The company has cut fresh issue size to Rs 530 crore from Rs 650 crore planned earlier. Besides, there would be an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder.
The OFS comprises sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani.
Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and funding working capital requirements. Also, the company plans to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd
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