Mic Electronics Limited saw Ebisu Global Opportunities Fund Limited acquire 2,36,16,929 equity shares through a preferential allotment on September 4, 2026. This transaction increased the fund's shareholding in the company to 8.65% of total voting capital.

The acquisition was executed as a consideration other than cash, specifically a share swap, pursuant to the Share Acquisition and Share Swap Agreement (SASSA) dated March 30, 2026. The allotment followed shareholder approval at an Extra-Ordinary General Meeting on April 29, 2026, and in-principle approvals from BSE and NSE on August 25, 2026. The shares were listed and admitted to dealings effective October 8, 2026.

Shareholding pattern changes

Ebisu Global Opportunities Fund Limited, a foreign body corporate incorporated in Mauritius, previously held 21,63,030 shares (0.90%) in Mic Electronics. The new acquisition of 2,36,16,929 shares represents 7.93% of the company's diluted share capital. Consequently, the fund's total holding rose to 2,57,79,959 shares, constituting 8.65% of the voting capital. The fund does not belong to the promoter or promoter group of the target company.

Regulatory compliance and lock-in

The disclosure was made under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The equity shares acquired are ordinary fully paid-up shares with a face value of ₹2 each. In accordance with SEBI (ICDR) Regulations, 2018, these shares are subject to a lock-in period until April 14, 2027. The ultimate beneficial owner of the acquiring entity is identified as Nitin Singhal, a UK citizen.

What the numbers show

The preferential allotment significantly expanded Mic Electronics' share base, increasing total outstanding shares from 24,10,11,560 to 29,78,84,978. This expansion diluted existing shareholders' percentage holdings while bringing in a substantial institutional investor. The shift from a 0.90% pre-existing stake to an 8.65% post-acquisition stake indicates a strategic consolidation by Ebisu Global Opportunities Fund, moving from a minor investor position to a significant non-promoter shareholder within a single transaction cycle.

MIC Electronics Limited shareholders approved the audited standalone and consolidated financial statements for FY26 and several related party transactions at its 38th Annual General Meeting held on September 16, 2026, in Hyderabad.

The meeting concluded at 12:30 pm after establishing a quorum with 80 shareholders present in person, including one representative from the promoter group. Mr. P V Ramesh, Independent Director and Chairman of the Board, chaired the proceedings. All directors attended except Mr. Deepayan Mohanty, Mr. Siva Lakshmana Rao Kakarala, and Mr. Sivanand Swamy Mitikiri. Mr. Ravinder Reddy Surakanti did not attend following his resignation effective July 31, 2026.

Voting Results

The company disclosed detailed voting results for the seven resolutions passed during the AGM. Remote e-voting was conducted from September 13 to September 15, 2026, with a cut-off date for voting eligibility fixed as September 10, 2026. M/s. RPR & Associates acted as the scrutinizer for the meeting.

Promoter and promoter group shareholders held 124,297,474 shares and voted 108,226,779 shares in favour of all resolutions where they participated, representing 100% support. Public non-institutional shareholders polled 230,990 votes across resolutions, with support ranging between 84.2% and 86.4% depending on the specific agenda item.

Key Resolutions Passed

Shareholders approved several ordinary business resolutions during the meeting. The key outcomes included:

• Adoption of the Audited Standalone and Consolidated Financial Statements for FY26.
• Re-appointment of Mr. Sivanand Swamy Mitikiri as a director upon retirement by rotation.
• Re-appointment of M/s. Bhavani & Co., Chartered Accountants, as Statutory Auditors for a second consecutive term of five years.

Related Party Transactions

The meeting also saw the approval of related party transactions with four specific entities. These approvals were classified under special business items:

Governance and Capital Structure Update

Mr. Rakshit Mathur, Chief Executive Officer, updated shareholders on business prospects, including the status of the acquisition of NEO Semi SG Pte Ltd. The Statutory Auditors' Report and Secretarial Auditor's Report contained no qualifications for the financial year 2025-26.

The company noted a significant change in its equity capital structure prior to the AGM. As on August 22, 2026, the fully diluted equity share capital stood at 24,10,11,560 equity shares of ₹2/- each. On September 4, 2026, the company allotted a further 5,68,73,418 equity shares at ₹41.38 per share to selling shareholders of NEO Semi SG Pte Ltd pursuant to a share swap arrangement.

This allotment increased the fully diluted equity share capital to 29,78,84,978 equity shares as on the September 10, 2026 cut-off date. These newly allotted shares were held in physical form as dematerialization was underway; however, they were validly included in determining the voting results as the allottees had become members prior to the cut-off date.