MIC Electronics Limited held its 38th Annual General Meeting on September 16, 2026, at its registered office in Hyderabad. The meeting concluded at 12:30 pm after shareholders approved the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The quorum was established with the presence of 80 shareholders, 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.

Key Resolutions Passed

Shareholders approved several ordinary and special 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 Voting

M/s. RPR & Associates acted as the scrutinizer for the meeting. The company provided remote e-voting facilities from September 13, 2026, to September 15, 2026. The cut-off date for determining voting eligibility was fixed as September 10, 2026.

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.

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.