MIC Electronics Ltd on Sunday said its Board has approved China’s Leyard Optoelectric Co Ltd’s proposal to invest Rs 125 crore in the company through purchase of equity shares and convertible preferential share warrants.
“The Board of Directors of MIC Electronics Ltd has considered the letter of intent issued by Leyard Optoelectric Co Ltd, China, through its subsidiary, Leyard (Hong Kong) Co.
Ltd for the purchase of 20 million equity shares and 30 million convertible preferential share warrants at MIC at Rs 25 per share,” MIC Electronics said in a BSE filing.
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It further said: “The Board of Directors after examining all aspects related to the offer given by Leyard have unanimously decided to recommend to the members of the company to accept the offer.”
The company said that the synergy between Leyard and MIC is expected to create a strong design and manufacturing base of LED (light emitting diode) product in India.