MIC Electronics Limited has announced securing a significant order from the Indian Railways, marking another milestone in its railway infrastructure business. The company received a Letter of Acceptance from Sambalpur Division, East Coast Railway Zone for railway signaling and information systems.

Order Details and Scope

The order encompasses the provision of Customer Information Boards (CIB) and Train Information Boards (TIB) across multiple railway stations in the Sambalpur Division. The comprehensive project covers installations at five key railway stations with specific platform-wise deployments.

Station-wise Installation Coverage

The project involves strategic installations across multiple platforms at key railway stations:

• BGBR Station: CIB at Platform 1 & 2, plus TIB installation
• NPD Station: CIB at Platform 2 & 3, plus TIB installation
• JNRD Station: CIB at Platform 1 & 2, plus TIB installation
• AMB Station: CIB at Platform 1, 2 & 3, plus TIB installation
• RGL Station: CIB at Platform 1, 2 & 3, plus TIB installation

Regulatory Compliance and Timeline

MIC Electronics Limited disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order was officially received on March 31, 2026, at 2:30 PM, with the company required to complete execution within 6 months.

Business Implications

This domestic order strengthens MIC Electronics Limited's position in the railway infrastructure segment. The company secured this order through a competitive tender process, demonstrating its technical capabilities in railway signaling and passenger information systems. The project involves no related party transactions and maintains arm's length commercial terms with the railway authorities.

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.