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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 July 25, 2015, has been just concluded and approved the following:
1. Conversion of Warrants:
1,13,95,000 (One Crore Thirteen Lakhs Ninety Five Thousand) Conversion of Preferential Convertible Share Warrants into equity shares in 1:1 ratio a part of 7,44,62,070 Preferential convertible Equity share Warrants allotted on November 25, 2014 as per In-principle approval under Clause 24(a) from Stock Exchanges.
2. Increasing of Authorised Share Capital:
Increasing of Authorised Share Capital of the Company from 40 Crores to 50 Crores (i.e increasing by 10 Crores divided into 5 Crores equity shares, Face Value of Rs.2/-).
3. Preferential Allotment
A) The Board of Directors of MIC Electronics Ltd (MIC), in their meeting held on July 25, 2015 at Hyderabad has considered the letter of intent issued by M/S Leyard Optoelectric Co. Ltd., China, through its a subsidiary, Leyard (Hong Kong) Co. Limited (Leyard) for the purchase of
20 Million equity shares and
30 Million convertible preferential share warrants.
of MIC at a price of Rs. 25 per share, (Face value of Rs. 2/- with a premium of Rs. 23/-per share) on preferential allotment basis subject to the completion of the necessary legal and statutory processes and compliances being completed to the satisfaction of both the organisations.
- The Board of Directors, after examining all the aspects related to the offer given by Leyard have unanimously decided to recommend to the Members of the Company to accept the offer and to make the allotment of MIC shares to Leyard subject to their approval and compliances as per SEBI ICDR Regulations 2009, Companies Act 2013 and other applicable laws.
- M/s. Leyard is a listed company on the Shenzhen Stock Exchange, China (www.levardusa.com) and is a world leader in high-end LED Display products. The Company’s Turnover in 2014 is US $ 190 Million with net profit of US $ 26.28 Million and
- Leyard believes that small pixel LED display technology will rapidly enter into indoor applications and in the next 5 years, this market segment will acquire a size of about US $ 100 Billion. These small pixel LED displays will be eminently useful in high-end applications like 3D Holographic display and all control room applications including Smart City Control Room applications.
- MIC Electronics Limited has done pioneering work in India in the field of LED displays and is the only Company to have design to manufacture capabilities in the field of world class True Colour LED displays. The Company’s recent achievement of introducing LED based 3D Holographic technology has received all round praise. The Company’s LED lighting products span grid based and off grid based luminaires for indoor, outdoor and other special applications.
- The synergy between Leyard and MIC is expected to create a very strong design and manufacturing base in India not only for state of the art display products but also in the creation of a holistic LED Ecosystem in the country.
- The partnership between Leyard and MIC will enable the two organizations to address the growing markets in high end small pixel LED Display and LED Lighting products. Value added, Networked and Centrally Controlled display and lighting products will enhance the application potential of the product streams in several sectors. The creation of a strong LED Ecosystem in India will be accelerated by the partnership of Leyard and MIC.
B) Preferential Allotment of 3 Million of convertible equity share warrants to Mrs. Shri Puja Kamineni at a price of Rs. 25 per share, (Face value of Rs.2/- with a premium of Rs. 23/-per share).
4. Convene an Extraordinary General Meeting:
Convene an Extraordinary General Meeting on August 22, 2015 at 11.15 AM at its registered office. |
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