Smallcap World Fund picks up 0.66% stake in Kaynes Technology for Rs 188 crore

Bulk Deals on December 12

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26 Aug, 2025 12:21

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US-based Capital Group-owned Smallcap World Fund has acquired 0.66 percent equity stake in Kaynes Technology India, the IoT solutions-enabled integrated electronics manufacturing company, via open market transactions on December 12.

Kaynes Technology has seen consolidation in the current week before closing at Rs 4,265.5, up 5.54 percent on Friday in addition to 3.88 percent rally seen in previous session. Before bouncing back, the stock lost more than 50 percent from October high of Rs 7,705. The major reason behind the sharp fall was the governance and accounting concerns raised by Kotak Institutional Equities in its report. However, most other brokerages are not worried, as they believe there is no fraudulent intent.

In the latest report, ICICI Direct believes the governance and accounting concerns are not expected to have any financial impact on the company and the firm's growth story remains intact. "These issues underscore the need for improved transparency and consistency in the company's reporting practices as these factors create trust issues and impact the multiple stock commands, the brokerage said.

Prabhudas Lilladher also remained bullish on the stock, maintaining its buy rating, while Macquarie has maintained its outperform rating on Kaynes Tech shares.

Smallcap World Fund Inc, which is involved in small cap investing globally, has picked up 4.46 lakh shares (equivalent to 0.66 percent of paid-up equity) in Kaynes Technology for Rs 188 crore at Rs 4,206.38 per share.

Meanwhile, there was an exchange of 0.75 percent shares in Usha Martin via block deals. The stock rallied 2.57 percent to Rs 440.6 on the NSE.

3P India Equity Fund, Bandhan Mutual Fund, and Morgan Stanley acquired 23 lakh shares (0.75 percent stake) in Usha Martin from Peterhouse Investments India, the promoter group entity, for Rs 98.9 crore at Rs 430 per share.

3P India Equity Fund owned by ace investor Prashant Jain bought 11 lakh shares for Rs 47.3 crore, while Bandhan Mutual Fund and Morgan Stanley Asia Singapore Pte each purchased 6 lakh shares at Rs 25.8 crore at same price.