MIRC Electronics Limited has informed the Exchange regarding 'Outcome of Extraordinary General Meeting of the Company'.
MIRCELECTR · price
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Shareholders at the EOGM approved two key proposals. First, the grant of 2,95,00,000 stock options to CEO Gunjan Srivastava — 90 lakh time-based options at Rs 11.40 each and 2.05 crore performance-based options at Rs 16.81 each. The performance tranche is tied to ambitious EBITDA targets: INR 100 crore cumulative for FY27–FY30 (Tranche 1) and INR 400 crore cumulative for FY27–FY32 (Tranche 2), vesting in 20% annual instalments from March 2027. Second, the company will change its name from MIRC Electronics Limited to Onida Electronics Limited to align its corporate identity with its well-known Onida brand, pending ROC approval.
The large ESOP grant — totalling ~29.5 million shares representing ~7.5% of current capital at face value — creates significant potential dilution for existing shareholders. The EBITDA-linked performance targets signal management's ambitious growth outlook but carry execution risk if targets are missed.