MIC Electronics Board to Consider 89.65% Neo Semi SG Pte Acquisition and Refit Global Stake Swap

MIC Electronics Limited told exchanges that the board will meet on Monday, March 30, 2026. The meeting at the registered office will weigh corporate restructuring, preferential share issues, acquisitions, and other governance decisions. These items could change the group structure and capital base.

After the update, MIC Electronics Ltd. (MICEL) hit the upper circuit at Rs 33.19 on March 25, 2026. The stock gained 4.99% from the previous close. The company’s market capitalisation stood at Rs 799.92 crore.

The board will review a plan to buy an 89.65% stake in Neo Semi SG Pte. Ltd., Singapore. The deal covers 71,72,090 equity shares of USD 1 each. MIC Electronics will acquire the stake from Neo Semi’s existing shareholders through a share swap. It will issue MIC Electronics equity shares on a non-cash preferential basis.

Target	Stake	Share details	Consideration method
Neo Semi SG Pte. Ltd., Singapore	89.65%	71,72,090 equity shares of USD 1 each	MIC Electronics equity shares via non-cash share swap (preferential issue)
Refit Global Private Limited	43.05%	43,274 equity shares of Rs 10 each	MIC Electronics equity shares via non-cash share swap (preferential allotment)

Alongside the overseas purchase, MIC Electronics will also consider acquiring 43.05% of Refit Global Private Limited. The proposal involves 43,274 equity shares with a face value of Rs 10 each. The consideration will again be a non-cash share swap. MIC Electronics would issue equity shares to the selling shareholders through preferential allotment.

The board will weigh a transfer of 20,000 equity shares in MICK Digital India Limited to LED India Private Ltd. This represents MIC Electronics’ 40% stake in the subsidiary. Separately, MIC Electronics plans to split the Medical and Other Appliances Division and Lighting Division. MICK Digital India Limited would acquire both via a slump sale under a business transfer agreement.

For the slump sale, MICK Digital India Limited would issue equity shares to MIC Electronics. The allotment would satisfy the lump sum consideration. The board will also review changing Mr. Deepayan Mohanty’s designation (DIN: 00196042). The proposal shifts the role from Independent Director to Non-Executive and Non-Independent Director.

Another agenda item is calling an Extra Ordinary General Meeting (EGM). The board will approve the draft notice and decide the EGM date, time, and venue. The EGM aims to seek shareholder approval for the acquisitions and preferential share issuances. The board may also authorise Mr. Kaushik Yalamanchili, Managing Director, to execute the required definitive documents.

MIC Electronics said the notice is being sent to the National Stock Exchange of India (NSE) and BSE Limited for information and records. The stock trades as Scrip Code 532850 on the BSE and Symbol MICEL on the NSE. The company is classified as a small-cap in the capital goods sector.