MIC Electronics drops as board to re-examine debt conversion, further share issue

The board has decided to re-examine debt conversion and further share issue on preferential basis

Shares of MIC Electronics slumped nearly 13% to Rs 23.60 after the board at its meeting held on January 09, 2016 decided to re-examine the issue of conversion of debt/liability into equity shares.

Further, the board has also decided to re-examine further issue of equity shares on preferential basis, the company said in a release.

The stock opened at Rs 24.90 and touched a high of Rs 25.50. At 11:55am, over 3.9 million shares were traded on both the stock exchanges.