MIC Electronics Gets In-Principle Approval for Preferential Share Issue

MIC Electronics Ltd has received 'In-Principle' approval from BSE Limited and National Stock Exchange of India Limited for the preferential issue of 5,68,73,418 equity shares. These shares, with a face value of Re. 2/- each, will be issued at a price of not less than Rs. 41.38/- per share to non-promoters. This issuance is part of the acquisition of M/s. NEO Semi SG Pte Ltd, Singapore, through a share swap mechanism. The company expects to complete the share allotment within 15 days, subject to receiving Neo shares and completing other procedural compliances.