MIC Electronics Limited has informed the Exchange about change in designation of Mr Deepayan Mohanty from Independent Director to Non-executive Non-independent Director for his remaining tenure subject to approval of members at the ensuing general meeting of the members of the Company
MICEL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MIC Electronics' board approved acquiring 89.65% stake in Singapore-based deep-tech company Neo Semi SG Pte. Ltd. for ₹357.60 Cr, split between ₹122.26 Cr cash and ₹235.34 Cr via share swap. To fund the share-swap leg, the board approved issuing up to 5,68,73,418 new equity shares at ₹41.38 per share to three Neo selling shareholders (Ebisu, Unico, Tavas), which will dilute promoter holding from 51.70% to 41.83% post-issue. A separate Refit Global acquisition (43.05% stake) was deferred pending alignment on commercial terms and the shareholders' agreement. The board also re-designated Mr. Deepayan Mohanty from Independent Director to Non-Executive Non-Independent Director because his 7.5% stake in RST Fuel Delivery (a subsidiary of Neo) creates a pecuniary relationship, making him ineligible under Section 149(6). Additionally, the Lighting and Medical & Other Appliances divisions will be hived off to subsidiary MICK Digital India via slump sale for ₹8 Cr. Shareholder approval will be sought at the EGM on April 29, 2026.
This is a transformative move into the semiconductor and deep-tech space, with the share count expanding by ~23.6% and the promoter stake falling nearly 10 percentage points, though the public/institutional float rises. The acquisitions and slump-sale are interlinked and require shareholder and regulatory approvals (RBI/FEMA for the overseas deal), so execution risk and timing matter for the stock. The director reclassification is a procedural governance fix tied to the acquisition rather than a negative flag on the individual.