MIC Electronics Limited has secured a new contract from a government environmental body, reinforcing its presence in the institutional infrastructure segment. The company received a Letter of Acceptance from the Chhattisgarh Environment Conservation Board, Nava Raipur, Atal Nagar, on May 04, 2026, for the Design, Supply, Installation & Maintenance of Lab Furniture for a central environmental laboratory located in Nava Raipur, Atal Nagar, Raipur. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Overview

The order, valued at Rs. 3,78,00,00 /- (Rupees Three Crore Seventy-Eight Lakh Only), was awarded through a direct order process via a competitive tender. The contract is classified as a domestic order from a domestic entity. The following table summarises the key details of the contract as disclosed by the company:

Compliance and Governance Details

MIC Electronics has confirmed that none of its promoters, promoter group, or group companies hold any interest in the Chhattisgarh Environment Conservation Board, the entity that awarded the order. Additionally, the company has stated that the order does not fall within the ambit of related party transactions. The disclosure was filed with both BSE Limited and the National Stock Exchange of India Limited in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The filing was signed by Lakshmi Sowjanya Alla, Company Secretary & Compliance Officer of MIC Electronics Limited, on May 05, 2026.

MIC Electronics Limited successfully conducted its Extra-Ordinary General Meeting (EGM) on April 29, 2026, to deliberate on a strategic acquisition that marks a significant expansion in the company's business portfolio. The meeting, held at the company's registered office in Hyderabad, addressed crucial resolutions related to the acquisition of Singapore-based Neo Semi SG Pte. Ltd.

Meeting Details and Governance

The EGM commenced at 11:45 AM IST and concluded at 12:30 PM IST, with Mr. Penumaka Venkata Ramesh, Independent Director, chairing the proceedings. The meeting was conducted in full compliance with the Companies Act, 2013, and relevant regulatory guidelines from the Ministry of Corporate Affairs and SEBI.

The board was well-represented with five directors in attendance, including Managing Director Mr. Kaushik Yalamanchili, Whole-Time Director Mr. Sivanand Swamy Mitikiri, and Independent Directors Mr. Kolli Srinivas Rao and Mrs. Karuna Gayathri Upadhyayula.

Strategic Acquisition Resolutions

The EGM focused on three critical resolutions related to the Neo Semi acquisition and corporate governance changes. The primary resolution involved the acquisition of 71,72,090 equity shares of USD 1 each, representing 89.65% fully paid-up equity shares of Neo Semi SG Pte. Ltd on a fully diluted basis.

The second resolution addressed the preferential issue and allotment of up to 5,68,73,418 equity shares on a preferential basis for consideration other than cash. This share swap arrangement covers the acquisition of 47,20,060 equity shares, representing 59% of Neo Semi's fully paid-up equity shares.

Voting Process and Compliance

The company implemented a comprehensive voting mechanism to ensure maximum shareholder participation. Remote e-voting was facilitated through the CDSL platform from April 26, 2026 (9:00 AM IST) to April 28, 2026 (5:00 PM IST). Members who did not participate in remote e-voting were provided ballot voting facilities at the venue.

Mr. Y. Ravi Prasada Reddy, Proprietor of M/s. RPR & Associates, Practicing Company Secretaries, was appointed as the Scrutinizer to oversee both remote e-voting and ballot voting processes. The appointment was made by the Board of Directors in their meeting held on March 30, 2026.

Corporate Governance Changes

Beyond the acquisition matters, the EGM also addressed an important governance change involving Mr. Deepayan Mohanty (DIN: 00196042). The ordinary resolution proposed changing his designation from Independent Director to Non-Executive Non-Independent Director, reflecting the evolving board composition aligned with the company's strategic direction.

Next Steps and Compliance

Following the conclusion of voting procedures, the company committed to publishing detailed voting results on stock exchanges, the company website, and the CDSL portal, along with the Scrutinizer's Report. This transparency measure complies with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolutions will be deemed passed subject to receiving the requisite majority of votes, with results to be communicated through proper regulatory channels.