MIC Electronics Calls Board Meeting on March 30 to Consider Two Acquisitions and Major Business Restructuring: All You Need to Know
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The Hyderabad-based electronics company has called a board meeting to consider acquiring stakes in a Singapore-based deep-tech firm and a Delhi-based refurbished electronics company, alongside a significant internal restructuring of its business divisions.
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MIC Electronics' share price hit the Upper Circuit on March 25, 2026, closing at Rs 33.19, up 5 per cent from the previous close. The stock opened at Rs 33.00, touched a high of Rs 33.19, and a low of Rs 32.55 during the session. The upper circuit move came on the back of the company's announcement of its board meeting scheduled for March 30, 2026.
Board Meeting Called for March 30
MIC Electronics Limited has informed the stock exchanges that its Board of Directors will meet on Monday, March 30, 2026, at the company's registered office to consider and approve a series of significant proposals covering acquisitions, business restructuring, and corporate governance changes.
Acquisition of Neo Semi SG Pte. Ltd., Singapore
The board will consider acquiring 89.65 per cent stake, comprising 71,72,090 equity shares of USD 1 each, in Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company. Neo Semi SG operates across Singapore, the UAE, India, and the United States, and focuses on advanced Semiconductor intellectual property development, AI-powered clean energy Logistics, and circular electronics through sustainable recommerce platforms.The acquisition will be done through a non-cash share swap, with MIC Electronics issuing equity shares on a preferential basis to the selling shareholders of Neo Semi SG. According to industry estimates, the sectors in which Neo Semi SG operates present a combined global opportunity of over USD 50 billion by FY28.
MIC Electronics had earlier signed a non-binding memorandum of understanding with Neo Semi SG to explore entry into semiconductor IP and AI energy sectors, and this acquisition marks the next step in formalising that relationship.
Acquisition of Refit Global Private Limited
The board will also consider acquiring a 43.05 per cent stake, comprising 43,274 equity shares of Rs 10 each, in Refit Global Private Limited, a Delhi-based company engaged in the refurbished electronics business. Refit Global's core business focuses on minimising electronic waste by promoting the recycling and refurbishing of second-hand gadgets, with over 16 lakh devices sold so far. The company generated a revenue of Rs 257 crore for the financial year ending March 31, 2025, with a compounded annual growth rate of 15 per cent in the last one year. This acquisition will also be executed through a non-cash share swap, with preferential equity shares issued to the selling shareholders. Refit Global had previously raised funding at a valuation of Rs 200 crore on Shark Tank India Season 3, in a deal backed by Amit Jain, Anupam Mittal, and Vineeta Singh.
Business Restructuring and Other Proposals
Alongside the acquisitions, the board will consider hiving off MIC Electronics' Lighting Division and its Medical and Other Appliances Division to its subsidiary MICK Digital India Limited through a slump sale under a Business Transfer Agreement. The consideration for this transfer will be discharged through the allotment of equity shares by MICK Digital India Limited to MIC Electronics. The board will also consider transferring 20,000 equity shares, representing 40 per cent stake, held by MIC Electronics in MICK Digital India Limited to LED India Private Limited. Additionally, the board will take up a change in designation of Mr. Deepayan Mohanty from Independent Director to Non-Executive and Non-Independent Director for his remaining tenure, subject to shareholders' approval. The board will also fix the date, time, and venue for an Extraordinary General Meeting to seek shareholder approval for the acquisitions and preferential issues, and appoint a scrutineer for the proposed EGM. Mr. Kaushik Yalamanchili, Managing Director, has been proposed to be authorised for negotiating and executing all definitive agreements related to the above transactions.
About MIC Electronics
MIC Electronics Limited was incorporated in 1988 and is engaged in the business of LED products, medical and other appliances, and automobiles including electric vehicles. The company is listed on both the NSE and BSE.
Disclaimer: The article is for informational purposes only and not investment advice.
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