MIC Electronics Limited Announces Acquisition of Neo Semi SG Pte. Ltd. and Other Corporate Actions
MIC Electronics Limited announced several key corporate developments following a board meeting held on March 30, 2026. The company approved the acquisition of 71,72,090 equity shares (89.65%) of M/s. Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company, for a total consideration of ₹357.60 Cr. This consideration includes a cash component of ₹122.26 Cr. and a non-cash component through share swap of ₹235.34 Cr. The acquisition requires shareholder approval at an Extraordinary General Meeting (EGM) scheduled for April 29, 2026.MIC Electronics Limited also approved the issue and allotment of up to 5,68,73,418 fully paid-up equity shares at ₹41.38 per share, aggregating ₹235.34 Cr., on a preferential basis to Neo selling shareholders. This action is linked to the Neo acquisition and requires shareholder approval at the EGM.
The Board deferred the acquisition of 43,274 equity shares of M/s. Refit Global Private Limited and the related preferential issuance of equity shares due to ongoing evaluation of equity structuring options and commercial terms.
Furthermore, the Board approved a change in designation for Mr. Deepayan Mohanty from Independent Director to Non-Executive Non-Independent Director, effective immediately.
Financial Details & Shareholding Changes
The table below summarizes the details of the preferential issue:
| Category | Pre-Issue Shares | Pre-Issue % | Post-Issue Shares | Post-Issue % |
|---|---|---|---|---|
| Promoter & Promoter Group | 12,45,97,474 | 51.70% | 12,45,97,474 | 41.83% |
| Public Holding | 11,64,14,086 | 48.30% | 17,32,87,504 | 58.17% |
| Total | 24,10,11,560 | 100.00% | 29,78,84,978 | 100.00% |
Other Corporate Actions
MIC Electronics Limited approved the disposal and transfer of 20,000 equity shares (40%) of M/s. MICK Digital India Limited to M/s. LED India Private Limited for a total consideration of ₹2.00 Cr.
The company also approved the hiving off of its Lighting Division and Medical and Other Appliances Division to M/s. MICK Digital India Limited by way of slump sale for a total lump sum consideration of ₹8.00 Cr., to be discharged through the allotment of 80,00,000 equity shares to MIC Electronics Limited.
Finally, the Board authorized Mr. Kaushik Yalamanchili, Managing Director, to execute the necessary agreements related to these transactions.
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