MIC Electronics Limited has announced the approval of a significant acquisition involving M/s. Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company. The board of directors has agreed to acquire 71,72,090 equity shares, representing 89.65% of Neo Semi SG, for a total consideration of ₹357.60 crore. This acquisition comprises a cash component of ₹122.25 crore for 24,52,030 shares and a non-cash component through a share swap valued at ₹235.34 crore for 47,20,060 shares. The transaction is subject to shareholder approval via a special resolution at an Extraordinary General Meeting (EGM) scheduled for April 29, 2026, along with requisite regulatory approvals.
In a related move, MIC Electronics has also approved the issuance of up to 5,68,73,418 equity shares on a preferential basis to Neo’s selling shareholders, valued at ₹41.38 per share, aggregating ₹235.34 crore. This issuance is also contingent upon shareholder approval at the upcoming EGM.
Furthermore, the board has deferred the acquisition of 43,274 equity shares of M/s. Refit Global Private Limited and related preferential issuance of equity shares due to ongoing evaluations of equity structuring options and commercial terms.
Additionally, the board has approved the change in designation of Mr. Deepayan Mohanty from Independent Director to Non-Executive Non-Independent Director, effective immediately, pending shareholder approval at the EGM.
The board has also sanctioned the disposal of 20,000 equity shares of M/s. MICK Digital India Limited to M/s. LED India Private Limited for ₹2,00,000, resulting in MIC Electronics retaining a 60% stake in MICK Digital.
In another strategic move, MIC Electronics will transfer its Lighting Division and Medical and Other Appliances Division to M/s. MICK Digital India Limited through a slump sale for ₹8 crore. This transaction will be executed under a Business Transfer Agreement, with the consideration discharged by the allotment of 80,00,000 equity shares by MICK Digital to MIC Electronics.
The board has authorised Mr. Kaushik Yalamanchili, Managing Director, to execute necessary agreements related to these transactions.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Markets Desk before publication.