Kaynes Technology has released a statement regarding deviations in the utilization of funds raised through Qualified Institutional Placements (QIPs) for the quarter and nine months ended December 31, 2025. The company confirms deviations in fund allocation for previously disclosed objectives, with monitoring by ICRA and CRISIL. Specific details on amounts and deviations are provided.
Fund Utilization Report
Kaynes Technology has announced its statement of deviation or variation in the utilization of funds raised through Qualified Institutional Placements (QIPs). This report covers the quarter and nine months which ended on December 31, 2025. There were deviations or variations in the utilization of proceeds.
Details of Qualified Institutional Placements
The company conducted two Qualified Institutional Placements. The first QIP had an allotment date of December 21, 2023 and was monitored by ICRA Limited. The second QIP had an allotment date of June 24, 2025 and was monitored by CRISIL Ratings Limited.
Original vs. Utilized Funds (in Millions)
For the QIP with the allotment date of December 21, 2023, the intended use of funds and deviations are as follows:
- Establishment of OSAT Facility: Original allocation of ₹7,567.11, with ₹4,552.88 utilized.
- Establishment of PCB Facility: Original allocation of ₹3,072.89, with ₹2,418.77 utilized.
- General Corporate Purposes: ₹3,100.00 allocated and fully utilized.
Total net proceeds were ₹13,740.00 with a total of ₹10,071.65 utilized from this offering.
Details for Subsequent Allotment
Regarding the QIP with an allotment date of June 24, 2025, details of fund utilization against objectives are as follows:
- Repayment of Indebtedness: Original allocation of ₹8,412.61, with ₹8,412.61 utilized.
- Working Capital: Original allocation of ₹2,000.00, with ₹0 utilized.
- Inorganic Growth: Original allocation of ₹1,600.00, with ₹852.67 utilized.
- General Corporate Purposes: Original allocation of ₹3,737.05, with ₹1,418.72 utilized.
The total net proceeds were ₹15,749.66, with ₹10,684.00 million utilized from the proceeds.
Additional Information
Net amounts were transferred to the Monitoring Agency Account from the Public Issue Account. For the first QIP it was ₹13,740 million, and for the second QIP it was ₹15,740 million after accounting for issue expenses. The unutilized funds have been deposited with scheduled commercial banks and are invested as permitted under applicable laws.
Source: BSE
