MIC Electronics to acquire Neo Semi for ₹357.60 Cr; approves preferential issue
MIC Electronics will acquire 89.65% of Singapore's Neo Semi for ₹357.60 crore, involving cash and share swap. A preferential issue of up to 5.68 crore shares is approved. The company will also hive off its Lighting and Medical divisions to subsidiary MICK Digital for ₹8 crore via slump sale. An EGM is scheduled for April 29, 2026.
The acquisition of Neo Semi and the restructuring involving MICK Digital are substantial corporate actions that are expected to have a significant impact on the company's business and strategic direction.
The announcement details a significant acquisition and strategic restructuring, indicating growth and expansion initiatives.
MIC Electronics Limited announced a significant strategic move following its Board Meeting on March 30, 2026. The company has approved the acquisition of 89.65% stake in Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company, for a total consideration of ₹357.60 crore. This acquisition will be partly settled in cash (₹122.26 crore) and partly through a share swap valued at ₹235.34 crore.
In conjunction with the acquisition, the Board also approved a preferential issuance of up to 5,68,73,418 equity shares of MIC Electronics at ₹41.38 per share to the selling shareholders of Neo Semi. This transaction is subject to shareholder approval via a special resolution at an Extraordinary General Meeting (EGM) scheduled for April 29, 2026.
The company also decided to defer the acquisition of M/s. Refit Global Private Limited and a related preferential issuance, citing ongoing discussions and the need for further stakeholder alignment. Additionally, Mr. Deepayan Mohanty's designation has been changed from Independent Director to Non-Executive Non-Independent Director, effective March 30, 2026, also pending shareholder approval at the EGM.
Further strategic decisions include the disposal and transfer of 40% equity shares in M/s. MICK Digital India Limited to M/s. LED India Private Limited for ₹2 lakh. The company will hive off its Lighting Division and Medical and Other Appliances Division to M/s. MICK Digital India Limited via a slump sale for ₹8 crore, to be discharged through the allotment of equity shares. The EGM is scheduled for April 29, 2026, to approve these key transactions.
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MIC Electronics Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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