MIC Electronics Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on April 29, 2026
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MIC Electronics Limited held an Extraordinary General Meeting on April 29, 2026 where shareholders approved three key resolutions. First, the company approved acquisition of 89.65% stake in Neo Semi SG Pte. Ltd, Singapore for approximately USD 71.72 million. Second, shareholders approved a preferential allotment of up to 568.73 million equity shares as share swap consideration to acquire 59% of Neo Semi SG Pte. Ltd. Third, the designation of Mr. Deepayan Mohanty was changed from Independent Director to Non-Executive Non-Independent Director. The voting was conducted via remote e-voting and ballot, with results to be declared separately by the Scrutinizer.
This acquisition of Neo Semi SG Pte. Ltd signals MIC Electronics' strategic entry into the semiconductor business, which could be transformative for the company. However, the large preferential share issuance will significantly dilute existing shareholder stakes and warrants careful monitoring of the final share swap terms.