MIC Electronics Limited has informed the Exchange regarding Outcome of Board Meeting held on March 30, 2026.
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MIC Electronics' board approved acquiring an 89.65% stake (71,72,090 shares) in Singapore deep-tech company Neo Semi SG Pte. Ltd. for about ₹357.60 crore — paid partly in cash (₹122.26 crore for 30.65%) and partly via share swap (₹235.34 crore for 59%) by issuing 5,68,73,418 new MIC shares at ₹41.38 each to three foreign selling shareholders. The acquisition creates a closed-loop semiconductor/electronics ecosystem and is subject to shareholder and RBI/Singapore approvals, with an EGM set for April 29, 2026. The Refit Global deal (43.05% stake) was deferred pending further negotiations. The board also transferred 40% of subsidiary MICK Digital India to group company LED India for ₹2 lakh and hived off the Lighting and Medical & Other Appliances divisions to MICK Digital via a slump sale worth ₹8 crore, settled through 80 lakh new shares of MICK Digital. Independent Director Deepayan Mohanty was redesignated as Non-Executive Non-Independent Director because his 7.5% stake in Neo's Indian subsidiary (RST Fuel Delivery) makes him no longer independent.
This is a transformational deal for MIC: promoter holding will dilute from 51.70% to 41.83% as public holding rises to 58.17%, and the company is pivoting from a pure LED/lighting business into semiconductor IP, AI/IoT energy logistics and circular electronics. Shareholders should watch EGM approval on April 29, RBI/Singapore regulatory clearances, and any price reaction to the 23.6% equity dilution before the deal closes.