MIC Electronics to invest Rs3.36 crore in Right Automobiles; Stock soars 5%

14 Mar 2022 , 10:18 AM

The Board of Directors of MIC Electronics Limited at its meeting held on Saturday, the March 12, 2022, through Video Conference, has approved to invest by way of subscribing 10,50,000 equity shares of Right Automobiles Private Limited at an issue price of Rs32/- per share including a premium of Rs22/- per share aggregating to Rs3.36 crore, based on the valuation report and as a result of such investment Right Automobiles Private Limited will become 51.22% subsidiary to the Company.

As per regulatory filing, Right Automobiles Private Limited (RAPL), is an Indian Company, incorporated on December 09, 2016 and provides multibrand Electric Vehicle (EV) two-wheeler sales, servicing & repairs, infrastructure for EV charging points & battery swapping smart hubs in the two-wheeler segment under the brand name of ‘BikeWo’, said company.

At around 10:20 AM, MIC Electronics was trading at Rs21.05 apiece up by Rs1 or 4.99% on Sensex.