MIC Electronics Limited has informed the Exchange about issue of Securities as per the attached BM outcome
MICEL · price
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MIC Electronics' board approved acquiring a 89.65% stake (71,72,090 shares) in Singapore-based deep-tech firm Neo Semi SG Pte. Ltd. for a total consideration of about ₹357.60 crore. The deal is funded partly by cash (₹122.26 crore for 30.65% stake from Summitbridge) and partly by a share swap (₹235.34 crore for 59% from Ebisu Global, Unico Global and Tavas Advisory). To discharge the share-swap portion, MIC will issue up to 5.68 crore new equity shares at ₹41.38 per share (a premium of ₹39.38 over the ₹2 face value), which will dilute promoter holding from 51.70% to 41.83%. The board also approved hiving off its Lighting and Medical & Other Appliances divisions to subsidiary MICK Digital India via a ₹8 crore slump sale, transferred 40% of MICK Digital to group firm LED India for ₹2 lakh, and deferred a planned acquisition of 43.05% in Refit Global. An EGM is scheduled for April 29, 2026, to seek shareholder approval.
This is a transformative deal — the company is pivoting into semiconductor IP, AI/IoT and circular electronics through Neo, but existing shareholders face significant equity dilution (about 10% promoter stake) and the move awaits shareholder approval at the April 29 EGM alongside regulatory clearances from RBI (FEMA), Singapore and stock exchanges.