MIC Electronics has informed that the Company was in process of issue of 5,06,75,000 Equity share warrants on preferential basis to the Promoters and other Investors and had submitted an application for the approval for aforesaid Preferential warrants.The Board of Directors in their meeting held on May 25, 2012 has decided to withdraw the aforesaid Preferential Issue proposal.
Further, the Company has decided to do freshly issue of Preferential Convertible Warrants as per the SEBI ICDR Regulations and other applicable laws.
The above information is part of company’s filing submitted to the BSE.
