The board of directors of MIC Electronics has approved the allotment of 7.45 crore preferential convertible equity share warrants of face value of Rs 2 each at Rs 3 for promoters and investors.
The Bombay Stock Exchange and the National Stock Exchange had given in-principle approval for the allotment, MIC Electronics Chairman and Managing Director M V Ramana Rao informed the exchanges on Wednesday.
Of the total allotment, four promoters would be allotted 2.7 crore share warrants.