<h1>MIC Electronics Receives 'In-Principle' Approval for Preferential Issue of Equity Shares</h1>
MIC Electronics Limited has received 'In-Principle' Approval from the BSE Limited and National Stock Exchange of India Limited (NSE) for the issuance of a substantial number of equity shares on a preferential basis. This move is linked to the acquisition of M/S. Neo Semi Sg PTE. Ltd, Singapore.
The company is set to issue 5,68,73,418 equity shares. Each share has a face value of Re. 2/- and the allotment price is set at not less than Rs. 41.38/per share. The issuance is aimed at non-promoters and will be conducted through a share swap mechanism.
The preferential allotment is the result of approvals from both stock exchanges, with the company proceeding toward completing the transaction.
The allotment of the equity shares is scheduled to be completed within 15 days. This timeline is contingent upon the successful receipt of the Neo shares from the proposed allottees and the completion of all necessary procedural compliances.
MICEL Stock Price Movement
As of 12:33 PM, shares of MIC Electronics Limited are rallying strongly at ₹37.69 after climbing by 4.99% in live trading. The stock sees significant activity as 394,173 shares change hands during the current market phase.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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