Kaynes Technology India Ltd is likely to launch Rs 1,600-crore qualified institutional placement (QIP), reported CMBC-Awaaz on June 19 citing sources.

There will likely be equity dilution of approximately 4%, the channel reported, adding that funds will be used for capacity expansion.

Motilal Oswal is likely to be broker.

Kaynes Technology is an integrated electronics manufacturer, providing end-to-end IoT-enabled solutions across the full range of Electronics System and Design Manufacturing (ESDM) services. With over 30 years of expertise, it delivers conceptual design, process engineering, integrated manufacturing, and lifecycle support for key sectors such as automotive, industrial, aerospace, space, strategic electronics, medical, railways, IoT, and IT.

On June 19, Kaynes Tech's shares on BSE closed 2% lower at Rs 5,600 apiece. The 52-week low of the stock is Rs 3,726 and 52-week high is Rs 7,822. The market capitalisation of the stock is nearly Rs 36,000 crore.