Kaynes Technology has released a statement regarding deviation or variation in the utilization of funds raised through Qualified Institutional Placements (QIP). The review, completed on November 4, 2025, indicated some deviations in fund usage. The company confirms this deviation was reviewed by the Audit Committee and Board of Directors. Further details on the specific deviations can be found in the company’s report.
Deviation in Fund Utilization
Kaynes Technology has announced a statement regarding the utilization of funds raised through Qualified Institutional Placements (QIP). The announcement, dated November 4, 2025, addresses deviations or variations in the use of proceeds from past issuances.
Details of Qualified Institutional Placements
The statement covers two Qualified Institutional Placements:
- Placement on December 21, 2023, monitored by ICRA Limited.
- Placement on June 24, 2025, monitored by CRISIL Ratings Limited.
Deviation Details
Deviations have occurred in the use of funds. For the December 21, 2023 placement totaling ₹1399,99,98,648.00, the funds were intended for part funding the cost of establishment of the OSAT Facility and the PCB Facility and for General corporate purposes. Some ₹3,777.74 Million was utilized for the OSAT Facility, ₹1,494.71 Million for the PCB Facility, and ₹3,100 Million for General corporate purposes. The amounts transferred to the monitoring agency account from the Public Issue account were ₹13,740 million.
For the June 24, 2025 placement totaling ₹1599,99,92,766.00, the funds were intended for Repayment and/or prepayment of outstanding indebtedness, for Funding of working capital requirements, for Funding of inorganic growth opportunities and for General corporate purposes. Some ₹8412.61 Million was utilized for the indebtedness, ₹482.67 Million for the inorganic growth opportunities and ₹602.42 Million for General corporate purposes. The amounts transferred to the monitoring agency account from the Public Issue account were ₹15,740 million.
The unutilized funds have been deposited with scheduled commercial banks as fixed deposits and investments as permitted under applicable laws and the Investment Policy of the Company.
Source: BSE
