Kaynes Semicon to allot convertible preference shares to UST, offer up to 10 pc stake

New Delhi, Sep 1 (PTI) Chip company Kaynes Semicon will allot 27,778 compulsorily convertible preference shares, offering up to 10 per cent share capital upon conversion, to US Technology International (UST) for collaboration in the semiconductor packaging business, according to an exchange filing.

Kaynes Semicon, a wholly-owned subsidiary of Kaynes Technology India Ltd, is setting up an Outsourced Semiconductor Assembly and Test (OSAT) plant in Sanand, Gujarat.

Kaynes Semicon Private Limited (KSPL) has executed Securities Subscription and Shareholders' agreement (SSSA) with US Technology International Private Limited (UST) on September 01, 2025 for issue and allotment of Compulsorily Convertible Preference Shares (CCPS) which are convertible to Equity Shares as specified in the SSSA, the filing said.

KSPL shall allot 27,778 Compulsorily Convertible Preference Shares, the filing stated.

According to the filing, 5 per cent of the Share Capital shall be converted on a fully diluted basis on the closing date of the SSSA and the conversion of the remaining 5 per cent is subject to the fulfilment of revenue-linked milestones as defined and agreed by the parties.

Kaynes said that the purpose of entering into the agreement is "to collaborate in the field of Outsourced Semiconductor Assembly and Test (OSAT) operations in India". PTI PRS MR