MIC Electronics Ltd approves conversion of debt into equity

The Board of Directors of MIC Electronics Ltd at its meeting held on February 18, 2017, approved increasing the Authorised Share Capital of the company by Rs. 4 (Four) Crores.

The Board approved conversion of Debt into Equity by way of issue of 4,32,93,974 (Four Crores Thirty Two Lakhs Ninety Three Thousand Nine Hundred and Seventy Four) equity shares at issue price of Rs. 20/- per share (Face Value of Rs. 2/- each at premium of Rs. 18/- each).

The Board also approved proposal for calling for Extra-ordinary General Meeting of the Company scheduled to be held on March 20, 2017 at 11.00 AM at Registered office of the Company situated at A-4/II Electronic Complex, Kushaiguda, Hyderabad - 500062, to consider and approve the Item No. 1 and 2 by the members.

Shares of MIC ELECTRONICS LTD. was last trading in BSE at Rs.14.2 as compared to the previous close of Rs. 14.35. The total number of shares traded during the day was 175276 in over 336 trades.

The stock hit an intraday high of Rs. 14.41 and intraday low of 14.15. The net turnover during the day was Rs. 2495266.

Source : Equity Bulls

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