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Shares Kaynes Technology zoomed 14 per cent to hit a record high of Rs 2,122.85 per share on the BSE in Friday’s intra-day trade after it signed agreement with Government of Karnataka for an investment of Rs 3,750 crore. Kaynes will setup Semiconductor Assembly & Testing (OSAT) facility and Printed Circuit Board (PCB) manufacturing plant through its step down subsidiaries. The stock has surpassed its previous high of Rs 1,908.65 touched on July 26.

Kaynes Technology and the Karnataka IT-BT department has entered into a contract to set up a semiconductor assembly and testing facility (OSAT) in Mysuru. According to a statement from Kaynes Technology, the agreement entails an investment of Rs 3,750 crore to create 3,200 employment opportunities.

Electronics manufacturer Kaynes Technology on Thursday announced plans to set up a semiconductor assembly parts, testing facility and printed circuit board (PCB) unit on the outskirts of Mysuru. The company MD Ramesh Kannan signed an MoU with Industries Commissioner Gunjan Krishna in the presence of Chief Minister Siddaramaiah and IT/BT Minister Priyank Kharge’s presence. The listed company is headquartered in Mysuru.

Also present were Ms. Gunjan Krishna (IAS), Commissioner for Industrial Development and Director, Department of Industries & Commerce, Government of Karnataka, and Mr. Sanjeev Gupta, CEO of KDEM.

Chief Minister Siddaramiah, Minister for IT/BT and Rural Development and Panchayat Raj Priyank Kharge, Chief Secretary Vandita Sharma, Commissioner for Industrial Development and Director, Department of Industries & Commerce, Gunjan Krishna, and KDEM CEO Sanjeev Gupta were present at the signing of the MoU.

Chief Minister Siddaramiah, Minister for IT/BT and Rural Development and Panchayat Raj Priyank Kharge, Chief Secretary Vandita Sharma, Commissioner for Industrial Development and Director, Department of Industries & Commerce, Gunjan Krishna, and KDEM CEO Sanjeev Gupta were present at the signing of the MoU.