MIC Electronics Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on April 29, 2026
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MIC Electronics Limited has called an EGM on April 29, 2026, seeking shareholder approval for three key items. The primary item is the acquisition of 89.65% stake in Neo Semi SG Pte. Ltd, Singapore for ₹357.60 crore total consideration. The deal will be partly funded via share swap (issuing up to 5.69 crore new equity shares at ₹41.38 each worth ₹235.34 crore) and partly in cash (₹122.26 crore). The share swap ratio is 12.0493 MIC shares per Neo share, as certified by independent valuers SPA Valuation Advisors and merchant banker SPA Capital Advisors. The second item is the preferential allotment of these new shares to Neo's selling shareholders. The third item involves changing the designation of Mr. Deepayan Mohanty from Independent Director to Non-Executive Non-Independent Director.
This overseas acquisition represents a significant strategic expansion for MIC Electronics. Existing shareholders will face substantial dilution as up to 5.69 crore new shares are issued. The cash outflow of ₹122.26 crore may impact the company's cash position. The entry of foreign entities (Ebisu, Unico, Tavas) as new shareholders will alter the company's ownership structure. The deal requires approvals from RBI, SEBI, and CCI.