Nature of the Disclosure
MIC Electronics Limited has intimated the stock exchanges about the allotment of equity shares on a preferential basis, made in compliance with Regulation 30 read with Para A of Part A of Schedule III of the SEBI Listing Regulations and SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Key Quantitative Figures
The Company has allotted 5,68,73,418 (Five Crore Sixty-Eight Lakh Seventy-Three Thousand Four Hundred and Eighteen) Equity Shares of face value ₹2 each, fully paid up.
Dates of Action
The Board of Directors approved the allotment at its meeting held on September 4, 2026. The meeting commenced at 11:30 a.m. and concluded at 12:10 p.m.
Shareholder approval was obtained through an Extraordinary General Meeting held on April 29, 2026.
Parties Involved
The equity shares were allotted to the Neo Selling Shareholders as consideration for the acquisition of 59% of the ordinary share capital of Neo Semi SG Pte. Ltd. from three entities:
- M/s. Ebisu Global Opportunities Fund Limited, Mauritius ("Ebisu")
- M/s. Unico Global Opportunities Fund Limited, Mauritius ("Unico")
- M/s. Tavas Advisory & Consulting (FZE), United Arab Emirates ("Tavas")
Capital Structure Impact
The allotment has increased the company's issued, subscribed, and paid-up capital as follows:
| Particulars | Before Allotment | After Allotment |
| Number of Shares | 24,10,11,560 | 29,78,84,978 |
| Value (face value ₹2 each) | ₹48,20,23,120 | ₹59,57,69,956 |
The newly allotted equity shares will rank pari passu with the existing equity shares of the Company.
Purpose/Rationale
The preferential allotment was made for consideration other than cash, specifically to discharge the total non-cash consideration payable for the acquisition of 59% stake in Neo Semi SG Pte. Ltd.
#Tags: #MICElectronics #PreferentialAllotment #SEBIDisclosure #RegulatoryCompliance #CapitalRestructuring #Neutral