MIC Electronics to enter capital market

Chennai, Apr 27 (UNI) Hyderabad-based MIC Electronics Limited, engaged in the design and manufacture of true colour Light Emiting Diodes (LED) video display systems, today announced its entry into the capital market for establishing additional facilities.

Addressing a press conference here, MIC Managing Director Ramana Rao said the company would come out with 51 lakh equity shares of Rs 10 each at a price to be decided through the 100 per cent book building process.

The price band for the offer has been fixed between Rs 129 per share and Rs 150 per equity share. The IPO opens on April 30 and closes on May eight, he said adding the public offer constituted 25.34 per cent of company's fully diluted post issue paid up equity capital.

Mr Rao said the proceeds of the offer would be used for setting up an additional facility for manufacturing LED boards at a cost of Rs 149 million, to rent and lease LED video display systems at a cost of Rs 150 million, for product upgradation, market development and acquisition of US-based Infostep.

He said MIC has presence in the LED display market internationally with a customer base including advertising agencies, LED rental companies and telecom equipment spenders like BSNL and MTNL.

UNI