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 announced that its Board of Directors approved the acquisition of 89.65% equity shares of USD 1 each in Neo Semi SG Pte. Ltd. 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% shares and partly through a non-cash component through share swap of ₹235,34,22,037 for 59.00% shares. The acquisition is subject to shareholders' approval by way of special resolution at the EGM scheduled on April 29, 2026, and requisite regulatory approvals. The Board also approved the issue and allotment of up to 5,68,73,418 fully paid-up equity shares of face value ₹2 each at ₹41.38 per share on a preferential basis for consideration other than cash to Neo selling shareholders. The decision to defer the acquisition of 43,05% equity shares of M/s. Refit Global Private Limited and preferential issuance of equity shares in connection with the Refit Transaction to a future meeting was also made.