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.

MIC Electronics allotted 5,68,73,418 equity shares on a preferential basis to complete its acquisition of a 59% stake in Neo Semi Sg Pte. Ltd., raising its paid-up capital to ₹59.58 crore.

Share allotment and acquisition details

The Board of Directors approved the allotment on September 04, 2026, pursuant to shareholder approval granted at the Extraordinary General Meeting held on April 29, 2026. The shares were issued as non-cash consideration to discharge the payable amount for the stake transfer from Ebisu Global Opportunities Fund Limited, Unico Global Opportunities Fund Limited, and Tavas Advisory & Consulting (FZE).

The following table summarises the key details of the transaction:

Impact on paid-up capital

The allotment has increased MIC Electronics' issued, subscribed, and paid-up capital. Before the transaction, the company had 24,10,11,560 shares with a value of ₹48.20 crore. Post-allotment, the total stands at 29,78,84,978 shares valued at ₹59.58 crore.

The newly allotted equity shares rank pari passu with the existing equity shares of the company.