MIC Electronics Ltd. to Acquire Stakes in Neo Semi and Refit Global, Plans Divisional Transfer

MIC Electronics Ltd. to Acquire Stakes in Neo Semi and Refit Global, Plans Divisional Transfer​

MIC Electronics Limited announced on March 24, 2026, that its Board of Directors will meet on March 30, 2026, to consider several strategic acquisitions and operational changes.

The company intends to acquire 89.65% of the paid-up share capital of Neo Semi SG Pte. Ltd., Singapore, representing 71,72,090 equity shares valued at USD 1 each. This acquisition will be accompanied by a preferential issue of equity shares to the Neo Semi selling shareholders on a non-cash basis, structured as a share swap.

Additionally, MIC Electronics is pursuing the acquisition of 43.05% of Refit Global Private Limited, which equals 43,274 equity shares with a face value of Rs. 10 each. This acquisition will also involve a preferential issue of equity shares to the Refit selling shareholders through a share swap arrangement.

The Board will also address a change in the designation of Mr. Deepayan Mohanty, transitioning his role from Independent Director to Non-Executive and Non-Independent Director, pending shareholder approval.

Further agenda items include approval for an Extraordinary General Meeting (EGM), appointment of a Scrutinizer for the EGM, and authorization for the transfer of 20,000 equity shares (representing 40%) held by the company in MICK Digital India Limited to LED India Private Limited.

A significant operational update involves the planned hiving off or transfer of the Lighting Division and the Medical and Other Appliances Division to MICK Digital India Limited via a slump sale. The total lump sum consideration for this transfer will be discharged through the allotment of equity shares by MICK Digital India Limited.

Mr. Kaushik Yalamanchili, Managing Director, has been authorized to negotiate, execute, and sign all definitive agreements and related documents pertaining to these transactions.

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