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| Exchange Disseminated Time | MIC Electronics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 15, 2016, inter alia, has concluded and approved the following :
1. Allotment of 3,30,00,000 Preferential Convertible Equity Share Warrants to investors face value Rs. 2/- each at a premium of Rs.23/- issued at Rs.25/- each as per in-principal approval received from National Stock Exchange of India Limited and Bombay Stock Exchange through letters dated January 28, 2016 and February 04, 2016 respectively.
2. The proposal for conversion of debt / liability into equity shares on preferential basis has been reviewed by the Board in detail and advised management to keep the Board informed.
3. In connection with the Un-audited Financial Results for the third quarter ended on December 31, 2015 Exceptional Item of Rs. 7.10 crores are related to bad debts written off. |
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