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

MIC Electronics Ltd. has approved the acquisition of 89.65% equity shares of Neo Semi SG Pte. Ltd. for a total consideration of ₹357.60 Cr. The acquisition will be partly through cash and partly through a share swap. The company also approved the preferential issuance of up to 5,68,73,418 equity shares for consideration other than cash to Neo Semi SG Pte. Ltd. selling shareholders. The Board decided to defer the matter of acquisition and preferential issuance of equity shares in connection with Refit Global Private Limited. The company also approved the change in designation of Mr. Deepayan Mohanty and appointed Mr. Y Ravi Prasada Reddy as the Scrutinizer for the EGM.