MIRC Electronics has notified the stock exchanges of a Board of Directors meeting scheduled for Saturday, May 16, 2026, pursuant to Regulation 29 and other applicable provisions of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations. The intimation, dated May 13, 2026, was addressed to both the National Stock Exchange of India Limited and BSE Limited.

Fund-Raising Proposal on the Agenda

The primary agenda of the upcoming board meeting is to consider and approve a proposal for raising funds through the issuance of one or more financial instruments. The board will evaluate multiple routes and instrument types, subject to requisite regulatory and statutory approvals, including shareholder approval.

The key details of the proposed fund-raising are outlined below:

Trading Window Closure

In accordance with the MIRC Electronics Limited - Code for Insider Trading & Fair Disclosure of Unpublished Price Sensitive Information, adopted under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the company has announced the closure of the Trading Window. The Trading Window for dealing in the equity shares of the company shall remain closed for all concerned Designated Persons and their immediate relatives until 48 hours from the declaration of the audited financial results for the quarter and financial year ended March 31, 2026, as approved by the Board of Directors and filed with the stock exchanges.

The board meeting intimation was signed by Kaval Mirchandani, Managing Director (DIN: 01179978), on behalf of MIRC Electronics Limited.

MIRC Electronics Limited successfully conducted its Extra-Ordinary General Meeting (EGM) on April 29, 2026, through video conferencing, approving significant corporate restructuring initiatives including a substantial employee stock option grant and company rebranding. The meeting, presided over by Chairman and Managing Director Vijay Mansukhani, concluded with shareholders approving both special resolutions presented.

Major ESOP Grant to CEO

The company approved the grant of 2,95,00,000 Employee Stock Options to Mr. Gunjan Srivastava, Chief Executive Officer, under the MIRC Employee Stock Option Plan 2023. This substantial grant represents one of the largest ESOP allocations in the company's recent history.

The time-based options will vest over five years starting March 31, 2027, with 20% vesting annually. Each vesting date will see 18,00,000 options becoming exercisable, provided Mr. Srivastava remains employed with the company.

Performance-Based Vesting Structure

The performance-based ESOPs are linked to ambitious cumulative operating EBITDA targets designed to drive long-term growth. The vesting structure includes two distinct tranches with specific financial milestones.

Vested options may be exercised within two years from the vesting date, providing flexibility for the CEO to optimize the timing of option exercise based on market conditions.

Company Name Change Approved

Shareholders approved changing the company name from "MIRC Electronics Limited" to "Onida Electronics Limited" along with consequential amendments to the Memorandum and Articles of Association. The rationale centers on aligning corporate identity with the well-established "Onida" brand to enhance brand recall and eliminate market confusion.

Regulatory Compliance and Filing

The company filed detailed disclosures under Regulation 30 of SEBI (LODR) Regulations with both BSE Limited and National Stock Exchange of India Limited on April 30, 2026. The filing includes comprehensive details of the ESOP grant structure, vesting conditions, and name change rationale as required under SEBI Master Circular guidelines.

The EGM was conducted in strict accordance with MCA and SEBI guidelines for virtual meetings, with remote e-voting facilitated through CDSL and proper scrutinizer appointment ensuring full regulatory compliance.