Unico lifts MIC Electronics stake to 8.10% in non-cash share swap
What's the deal? Unico Global Opportunities FundDealroom has a profile for this one. Try Dealroom → has raised its stake in India's MIC ElectronicsDealroom has a profile for this one. Try Dealroom → to 8.10%, acquiring 5,00,000 equity shares through a preferential allotment made on September 3, 2025. The purchase lifted its holding from 2,36,16,929 shares, or 7.93%, to 2,41,16,929 shares — a gain of 0.17 percentage points.
What's different? The Mauritius-incorporated fund paid no cash. The allotment was issued for non-cash consideration under a Share Acquisition and Share Swap Agreement dated March 20, 2025, distinguishing it from a conventional fund infusion. The filing does not disclose the valuation or the assets exchanged, and no fresh cash proceeds for the company are indicated.
Why now? MIC Electronics completed the preferential issue after securing shareholder approval and in-principle clearances from BSEDealroom has a profile for this one. Try Dealroom → and the National Stock Exchange of IndiaDealroom has a profile for this one. Try Dealroom →. Unico, which is not part of the promoter group, disclosed the move on October 12, 2025, under Regulation 29(1) of the SEBI Takeover Regulations.
What's the endgame? MIC Electronics is pursuing growth across railway information and signalling systems, LED display products, EV charging infrastructure, and power electronics. Its operations are tied closely to project execution and public-sector tenders.
By the numbers: In FY2025-26, MIC Electronics reported consolidated revenue of Rs 190.52 crore, up from Rs 94.76 crore a year earlier. It still booked a consolidated loss attributable to shareholders of Rs 12.78 crore, which the annual report linked to deferred-tax-asset utilisation and reversal plus higher finance costs.
What could go wrong? Working capital remains a pressure point. Consolidated trade receivables stood at Rs 195.89 crore as of March 31, 2026, against cash and equivalents of just Rs 28.88 lakh — a gap sharpened by reliance on government-linked customers and tender cycles.
The signal: The share-swap route lets a foreign investor build a meaningful position without injecting capital into a company whose shares have fallen 36.47% over the past year, underperforming the BSE 500 by about 30 percentage points. For MIC Electronics, it widens the investor base as it scales infrastructure projects — but does nothing to ease its cash constraints.
Read more: insights.dsij.in
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