MIC Electronics to acquire Singapore firm Neo Semi for ₹357.60 Cr via cash and share swap
MIC Electronics will acquire 89.65% of Singapore's Neo Semi for ₹357.60 crore via cash and share swap. The company will issue up to 5.68 crore equity shares worth ₹235.34 crore on a preferential basis. An EGM is scheduled for April 29, 2026, to approve these transactions. The company will also hive off its Lighting and Medical Divisions to its subsidiary, MICK Digital India, for ₹8 crore.
The acquisition of a substantial stake in a deep-tech company and the strategic hiving off of business divisions represent major corporate actions that will significantly alter the company's structure and operations.
The company is undertaking a significant acquisition and business restructuring that is expected to enhance its capabilities and market position, indicating positive future prospects.
MIC Electronics Limited announced a significant strategic move following its Board Meeting on March 30, 2026. The company has approved the acquisition of 71,72,090 equity shares, representing 89.65% of M/s. Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company. The total consideration for this acquisition is ₹357.60 crore. This amount comprises a cash component of ₹122.26 crore for 24,52,030 shares and a non-cash component of ₹235.34 crore through a share swap for 47,20,060 shares. This acquisition is subject to shareholders' approval at an Extra Ordinary General Meeting (EGM) scheduled for April 29, 2026, and requisite regulatory approvals.
In conjunction with the Neo acquisition, MIC Electronics also approved a preferential issuance of up to 5,68,73,418 equity shares at ₹41.38 per share, aggregating ₹235.34 crore, to the Neo selling shareholders as part of the share swap. This issuance is also subject to shareholder approval at the EGM on April 29, 2026.
The company also decided to defer the acquisition of shares and preferential issuance related to M/s. Refit Global Private Limited, as certain commercial terms are still under discussion. Additionally, Mr. Deepayan Mohanty's designation has been changed from Independent Director to Non-Executive Non-Independent Director, effective March 30, 2026, pending shareholder approval at the EGM.
The Board has approved convening the EGM on April 29, 2026, at the company's registered office in Hyderabad. The company also approved the disposal and transfer of 40% of its stake in M/s. MICK Digital India Limited to M/s. LED India Private Limited for ₹2 lakh. Furthermore, MIC Electronics will hive off its Lighting Division and Medical and Other Appliances Division to M/s. MICK Digital India Limited via a slump sale for a total consideration of ₹8 crore, to be discharged through the allotment of 80 lakh equity shares of MICK Digital India Limited to MIC Electronics. This slump sale is expected to be completed by May 30, 2026.
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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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