MIC Electronics Ltd Approves Acquisition of 89.65% Stake in Neo Semi SG Pte. Ltd. for ₹357.60 Cr. and Preferential Issuance of Equity Shares

MIC Electronics Ltd, a Hyderabad-based electronics company, announced that its Board of Directors has approved the acquisition of 89.65% equity shares of USD 1 each of Neo Semi SG Pte. Ltd., a Singapore-incorporated deep-tech platform company, for a total consideration of ₹357.60 Cr. The acquisition will be partly through a cash component of ₹122,25,82,158 for 30.65% of the shares and partly through a non-cash component of ₹235,34,22,037 for 59.00% of the shares, through a share swap. The acquisition is subject to shareholders' approval by way of special resolution at the EGM scheduled to be held on April 29, 2026, and requisite regulatory approvals. The Board also approved the preferential issuance of up to 5,68,73,418 fully paid-up equity shares of face value ₹2 each at ₹41.38 per share (including a premium of ₹39.38 per share), aggregating ₹235,34,22,037, on a preferential basis for consideration other than cash to Neo selling shareholders. The investors are currently evaluating various equity structuring options and certain key commercial terms are under discussion. The Board decided to defer the matter of acquisition of 43,05% of equity shares of ₹10 each of M/s. Refit Global Private Limited and preferential issuance of equity shares in connection with the Refit Transaction to a future meeting.