MIC Electronics Limited (MIC) is set to hold an Extra-Ordinary General Meeting (EGM) on December 1, 2025, to seek shareholder approval for two significant fundraising proposals. The company aims to raise up to ₹250 crores through a Qualified Institutions Placement (QIP) and up to $15 million via Foreign Currency Convertible Bonds (FCCBs).

Fundraising Proposals

1. Qualified Institutions Placement (QIP)

   • Amount: Up to ₹250 crores
   • Target: Qualified Institutional Buyers
   • Method: One or more tranches

2. Foreign Currency Convertible Bonds (FCCBs)

   • Amount: Up to $15 million
   • Method: Private placement basis

Proposed Fund Utilization

MIC Electronics plans to use the funds for various purposes, including:

• Acquisitions of domestic/foreign business units
• Debt repayment
• Working capital requirements
• Cash margin for non-fund based working capital
• Investments in subsidiaries
• Capital expenditure
• General corporate purposes

Key Dates

Additional Details

• The EGM will be held at the company's registered office in Hyderabad.
• The company has appointed Mr. Y Ravi Prasada Reddy of M/s. RPR & Associates as the scrutinizer for the e-voting process.
• The resolutions will be considered as passed if the votes cast in favor exceed the votes cast against.

MIC Electronics' move to raise funds through QIP and FCCBs indicates the company's strategic intent to strengthen its financial position and pursue growth opportunities. Shareholders will play a crucial role in determining the outcome of these proposals at the upcoming EGM.

Investors and stakeholders should note that the approval of these resolutions will give the Board the flexibility to issue securities as deemed appropriate, considering market conditions and regulatory requirements. The actual timing, pricing, and terms of the issuances will be determined by the Board or its authorized committee if the resolutions are approved.

Investors are advised to carefully review the full EGM notice and consult with their financial advisors before making any investment decisions.

MIC Electronics Limited has announced a crucial board meeting scheduled for November 5, 2025. The primary agenda of this meeting is to consider and potentially approve a proposal for raising funds through various modes.

Fund Raising Options Under Consideration

The board will deliberate on multiple fund-raising methods, including:

1. Qualified Institutions Placement (QIP)
2. Foreign Currency Convertible Bonds (FCCBs)
3. Other permissible modes

The company has indicated that the fund-raising may be conducted in one or more tranches, targeting eligible investors. However, any decision made will be subject to necessary approvals from shareholders and regulatory authorities.

Additional Agenda Items

Apart from the fund-raising proposal, the board meeting will also address the following:

1. Seeking necessary shareholder approvals for the proposed fund-raising
2. Appointment of key intermediaries for the fund-raising process, including:
   • Merchant bankers
   • Legal advisors
   • Other required agencies

Regulatory Compliance

This announcement comes in compliance with Regulation 29(1)(d) and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Board Meeting