MIC Electronics Limited to divest its stake in Bikewo Green Tech Pvt Ltd

The Board of Directors of MIC Electronics Limited held on Friday, December 02, 2022, through Video Conference, approved and recommended for the approval of members of the Company, the proposal of divestment by way of sale, transfer or disposal of investment made by the Company in the equity shares of M/s. Bikewo Green Tech Private Limited (formerly known as M/s. Right Automobiles Private Limited), the material subsidiary.

The entire shareholding / investment of the Company comprising of 10,40,300 (Ten Lakhs Forty Thousand and Three Hundred) equity shares having face value of Rs. 10/- (Rupees Ten only) each either in whole or in part or in one or more tranches to any potential and/or protective party ('buyer') at a consideration which shall not be less than Rs. 35/- (Rupees Thirty-Five) per equity share arrived by the valuation methodology, adopted by Mr A. Someswara Rao, Registered Valuer-securities or financial assets holding a valid IBBI registration no. IBBI/RV/02/2019/11544, dated November 24, 2022 and in this regard authorized Mr Kaushik Yalamanchili, Managing Director of the Company to complete the sale proces post obtaining the members approval by way of postal ballot for the same.

Source : Equity Bulls

Keywords

MICElectronics StakeSale BikewoGreenTech