MIC Electronics Limited has formally approved a major acquisition worth ₹357.60 crore for acquiring an 89.65% stake in Neo Semi SG Pte. Ltd., Singapore, following a comprehensive board meeting held on March 30, 2026. The board meeting, which commenced at 3:30 PM and concluded at 5:35 PM, addressed multiple strategic initiatives including the Neo Semi acquisition, preferential share issuance, and business restructuring measures.

Neo Semi SG Acquisition Details

The board has approved the acquisition of 71,72,090 equity shares of USD 1 each, representing 89.65% stake in Neo Semi SG Pte. Ltd., a Singapore-incorporated deep-tech platform company. The transaction involves a mixed consideration structure:

Neo Semi SG is engaged in semiconductor IP creation, AI-driven energy logistics, IoT-based smart grid solutions, and circular electronics. The company operates through subsidiaries including RST Fuel Delivery Pvt. Ltd. in India and Recellio Trading LLC in UAE. Neo Semi SG reported standalone turnover of USD 1,59,42,018 in FY 2024-25, USD 1,69,39,871 in FY 2023-24, and USD 2,27,79,263 in FY 2022-23.

Preferential Share Issuance Approved

The board has approved the preferential issuance of up to 5,68,73,418 equity shares of face value ₹2 each at ₹41.38 per share, including a premium of ₹39.38 per share. The shares will be allotted to Neo selling shareholders as part of the share swap arrangement:

The preferential issue will result in promoter shareholding reducing from 51.70% to 41.83%, while public shareholding will increase from 48.30% to 58.17%.

Business Restructuring Initiatives

The board has also approved significant internal restructuring measures involving subsidiary operations and business divisions:

The lighting division contributed ₹146.00 lakhs (2.37% of total standalone revenue) while the medical and other appliances division contributed ₹1,138.49 lakhs (18.45% of total standalone revenue) in FY 2024-25.

Governance and EGM Arrangements

Several governance matters have been finalized by the board. Mr. Deepayan Mohanty's designation has been changed from Independent Director to Non-Executive Non-Independent Director due to his 7.5% shareholding in RST Fuel Delivery Pvt. Ltd., which creates a material business relationship following the Neo Semi acquisition.

The board has scheduled an Extraordinary General Meeting for April 29, 2026, at 11:45 AM at the company's registered office in Hyderabad. Mr. Y Ravi Prasada Reddy has been appointed as scrutinizer for the EGM proceedings. The board has deferred the acquisition of Refit Global Private Limited as investors are evaluating equity structuring options and key commercial terms remain under discussion.

Strategic Implementation

Mr. Kaushik Yalamanchili, Managing Director, has been authorized to negotiate, execute, and sign all definitive agreements relating to the approved transactions. The acquisition is expected to be completed within 15 days from receiving all requisite approvals and regulatory clearances, including RBI approval for overseas direct investment under FEMA and in-principle approval from BSE and NSE for the preferential issue.

The comprehensive approvals represent a major milestone in MIC Electronics' expansion strategy, positioning the company for enhanced market presence through the Neo Semi acquisition and streamlined operations through business restructuring initiatives.

RRK Enterprise Private Limited has announced the disposal of 50,00,000 equity shares in MIC Electronics Limited through open market transactions. The disclosure was made on February 18, 2026, in compliance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The share disposal was executed through open market transactions conducted between November 14, 2025 and February 18, 2026. RRK Enterprise Private Limited, identified as a promoter entity of MIC Electronics Limited, sold 50,00,000 equity shares representing 2.07% of the total share capital.

Shareholding Changes

The transaction resulted in a significant reduction in RRK Enterprise's stake in MIC Electronics Limited. The promoter entity's shareholding decreased from 49.27% to 47.18% following the disposal.

Company Information

MIC Electronics Limited's shares are listed on both BSE Limited (Scrip Code: 532850) and National Stock Exchange of India Limited (Symbol: MICEL). The company's equity share capital remains unchanged at Rs. 48,20,23,120 divided into 24,10,11,560 equity shares of Rs. 2 each.

Regulatory Compliance

RRK Enterprise Private Limited, incorporated with CIN U72200TG1998PTC029974 and registered office in Hyderabad, Telangana, submitted the disclosure to both stock exchanges as required under SEBI regulations. The disclosure was signed by Kaushik Yalamanchili, Director with DIN 07334243.

The transaction represents a strategic reduction in the promoter's shareholding while maintaining significant influence in MIC Electronics Limited. The disposal was conducted entirely through secondary market transactions without any encumbrances, warrants, or convertible securities involved.