Kaynes Semicon Teams Up with UST: Pioneering India's Semiconductor Packaging

Kaynes Semicon will issue 27,778 compulsorily convertible preference shares to US Technology International for 10% share capital. The collaboration in semiconductor packaging aligns with Kaynes' plans to establish an OSAT plant in Gujarat, marking a significant development in India's semiconductor industry.

Kaynes Semicon has announced a significant partnership with US Technology International, allocating 27,778 compulsorily convertible preference shares. This agreement, detailed in a recent exchange filing, promises up to 10% share capital for UST upon conversion, with further terms linked to revenue milestones.

A subsidiary of Kaynes Technology India Ltd, Kaynes Semicon is poised to establish an Outsourced Semiconductor Assembly and Test (OSAT) plant in Sanand, Gujarat. This development reflects the company's strategic growth in semiconductor packaging operations.

The Securities Subscription and Shareholders' Agreement, executed on September 01, 2025, stipulates specific criteria for share conversion. Kaynes emphasized that the collaboration with US Technology International aims to advance India's semiconductor ecosystem through innovative OSAT endeavors.

(With inputs from agencies.)