Kaynes Tech Raises ₹15.99 Billion Via QIP At ₹5,569.50 Per Share

Kaynes Technology India Ltd. on Tuesday said it has closed its qualified institutional placement of shares after receiving application forms and funds from eligible institutional buyers. The QIP opened Thursday with a floor price of ₹5,625.75 per share.

The board has approved the allotment of 2.87 million shares at an issue price of ₹5,569.50, a ₹56.25 discount to the floor price, including a premium of ₹5,559.50 per share, the company said in a filing. The transaction values the issue at around ₹15.99 billion.

The company’s board had cleared plans in January to raise up to ₹16 billion through securities.