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MIC Electronics has withdrawn the proposed preferential allotment to the promoters. The company informed the BSE that it was in the process of issue of allotting 5.06 crore share warrants on preferential basis to the promoters and other investors and had submitted an application for in-principle approval for aforesaid preferential warrants. But the board of directors has decided to withdraw the preferential issue proposal without disclosing reasons for withdrawal. MIC Electronics has decided to do a fresh issue of preferential convertible warrants.
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