Joint Venture1 Sept 2025, 07:55 pm
Kaynes Technology India Ltd Subsidiary, Kaynes Semicon, Enters Securities Subscription and Shareholders’ Agreement with US Technology International
AI Summary
Kaynes Technology India Ltd, through its wholly owned subsidiary Kaynes Semicon Private Limited, has entered into a Securities Subscription and Shareholders’ Agreement (SSSA) with US Technology International Private Limited (UST). The agreement was executed on September 01, 2025, for the issue and allotment of Compulsorily Convertible Preference Shares (CCPS), which are convertible to Equity Shares as specified in the SSSA. The purpose of the agreement is to collaborate in the field of Outsourced Semiconductor Assembly and Test (OSAT) operations in India.
Key Highlights
- Kaynes Semicon, a wholly owned subsidiary of Kaynes Technology India Ltd, has entered into a Securities Subscription and Shareholders’ Agreement with US Technology International
- The agreement is for the issue and allotment of Compulsorily Convertible Preference Shares (CCPS), which are convertible to Equity Shares
- The purpose of the agreement is to collaborate in the field of Outsourced Semiconductor Assembly and Test (OSAT) operations in India
- Kaynes Semicon will issue and allot CCPS to UST, which shall not exceed a maximum of 10% (Ten percent) of the Share Capital as of the closing date
- The conversion terms are as follows: 5% (five percent) of the Share Capital shall be converted on a Fully Diluted Basis on the Closing date of the SSSA, and the conversion of the balance 5% is subject to fulfilment of revenue linked milestones as defined and agreed by the Parties.