Kaynes Technology To Invest $8.8 Million In Subsidiary, Issues ₹25 Billion Guarantees

Kaynes Technology India Ltd. on Tuesday said it will invest up to $8.8 million in its wholly owned subsidiary, Kaynes Holding Pte. Ltd., in exchange for 8.71 million shares. The investment will support expansion in electronics system design and manufacturing, as well as strategic investments or acquisitions, the company said in a filing. The transaction is expected to close by 31 July.

Kaynes Technology has also issued corporate guarantees worth ₹25 billion to various banks on behalf of its step-down subsidiary, Kaynes Canada Ltd. This will be recorded as a contingent liability in its financial statements.