MIC Electronics to invest in Right Automobiles Pvt Ltd

The Board of Directors of MIC Electronics Limited at its meeting held on Saturday, the March 12, 2022, through Video Conference, has approved to invest by way of subscribing 10,50,000 equity shares of M/s. Right Automobiles Private Limited at an issue price of Rs. 32/- per share including a premium of Rs. 22/- per share aggregating to Rs. 3.36 Crore, based on the valuation report and as a result of such investment M/s. Right Automobiles Private Limited will become 51.22% subsidiary to the Company.

Right Automobiles Private Limited (RAPL), is an Indian Company, incorporated on December 09, 2016 and provides multibrand Electric Vehicle (EV) two-wheeler sales, servicing & repairs, infrastructure for EV charging points & battery swapping smart hubs in the two-wheeler segment under the brand name of 'BikeWo'.

The board also approved to shift the registered office of the Company to the Company Plant located at Plot No. 192/B, Phase-II, IDA, Cherlapally, Hyderabad - 500051, Telangana, which is within local limits of the Same City / Town / Village, for operational convenience.

Source : Equity Bulls

Keywords

MICElectronics Investment RightAutomobiles BikeWo