MIC Electronics Hits 5% Upper Circuit Limit As Board Eyes 89.65% Stake In Singapore-Based Tech Firm

The exchanges have been informed by MIC Electronics Limited that the company's registered office will host a board of directors meeting on Monday, March 30, 2026. A number of important strategic issues, such as corporate restructuring, preferential share issuance, acquisitions, and other governance-related choices, will be discussed during the board meeting.

Following the news, MIC Electronics Ltd.'s (MICEL) share price was locked in an upper circuit limit at Rs 33.19 as of March 25, 2026, a significant rise of 4.99% over its previous closing. The company's market capitalization was valued at Rs 799.92 crore.

The scheduled acquisition of an 89.65% stake in Neo Semi SG Pte. Ltd., Singapore, is one of the main topics on the board meeting's agenda. The acquisition involves 71,72,090 equity shares of USD 1 each and will be purchased from the existing shareholders of Neo Semi. The transaction will be executed through a preferential issue of equity shares of MIC Electronics on a non-cash basis via a share swap arrangement to the selling shareholders of Neo Semi.

The board will also consider acquiring a 43.05% stake in Refit Global Private Limited in addition to this foreign acquisition. A preferential allotment of MIC Electronics equity shares to the selling shareholders on a non-cash share swap basis would also be used to complete the transaction, which entails 43,274 equity shares with a face value of Rs 10 apiece.

Additionally, the board will discuss amending Mr. Deepayan Mohanty's designation (DIN: 00196042). For the duration of his term, the plan calls for changing his title from Independent Director to Non-Executive and Non-Independent Director. The calling of an Extra Ordinary General Meeting (EGM) is another significant item on the agenda. The draft notice and the EGM's date, time, and location will be reviewed and approved by the board. Obtaining shareholder approval for the scheduled acquisitions and preferential share issuances is the aim of this meeting.

Further, the board will consider transferring 20,000 equity shares, representing 40% stake held by MIC Electronics in its subsidiary MICK Digital India Limited, to LED India Private Ltd. The board will consider a plan for separating the company's Medical and Other Appliances Division and Lighting Division in another major restructuring proposal. It is proposed that MICK Digital India Limited acquire these divisions via a slump sale in accordance with a business transfer agreement. MICK Digital India Limited will assign equity shares to MIC Electronics in order to satisfy the transaction's lump sum consideration.

Additionally, the board will consider granting authorization to Mr. Kaushik Yalamanchili, Managing Director of the company, to negotiate, execute, and sign all definitive agreements and related documents required to complete the above-mentioned transactions.

According to the company, the notification is being sent to the National Stock Exchange of India (NSE) and BSE Limited for documentation and information reasons. With Scrip Code 532850 on the BSE and Symbol MICEL on the NSE, MIC Electronics is a small-cap company in the capital goods sector.