MIRC Electronics Board Meeting Scheduled on May 16, 2026 to Consider Fund-Raising Proposals

MIRC Electronics has notified the stock exchanges of a Board of Directors meeting scheduled for Saturday, May 16, 2026, pursuant to Regulation 29 and other applicable provisions of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations. The intimation, dated May 13, 2026, was addressed to both the National Stock Exchange of India Limited and BSE Limited.

Fund-Raising Proposal on the Agenda

The primary agenda of the upcoming board meeting is to consider and approve a proposal for raising funds through the issuance of one or more financial instruments. The board will evaluate multiple routes and instrument types, subject to requisite regulatory and statutory approvals, including shareholder approval.

The key details of the proposed fund-raising are outlined below:

Parameter: Details Meeting Date: Saturday, May 16, 2026 Regulatory Reference: Regulation 29, SEBI LODR Regulations Instruments Under Consideration: Equity shares, warrants, convertible preference shares, convertible or non-convertible securities Methods Under Consideration: Preferential issue, private placements, qualified institutional placements, or any other permissible method or combination thereof Approvals Required: Regulatory/statutory approvals, including shareholder approval

Trading Window Closure

In accordance with the MIRC Electronics Limited - Code for Insider Trading & Fair Disclosure of Unpublished Price Sensitive Information, adopted under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the company has announced the closure of the Trading Window. The Trading Window for dealing in the equity shares of the company shall remain closed for all concerned Designated Persons and their immediate relatives until 48 hours from the declaration of the audited financial results for the quarter and financial year ended March 31, 2026, as approved by the Board of Directors and filed with the stock exchanges.

The board meeting intimation was signed by Kaval Mirchandani, Managing Director (DIN: 01179978), on behalf of MIRC Electronics Limited.

MIRC Electronics Limited successfully conducted its Extra-Ordinary General Meeting (EGM) on April 29, 2026, through video conferencing, approving significant corporate restructuring initiatives including a substantial employee stock option grant and company rebranding. The meeting, presided over by Chairman and Managing Director Vijay Mansukhani, concluded with shareholders approving both special resolutions presented.

Major ESOP Grant to CEO

The company approved the grant of 2,95,00,000 Employee Stock Options to Mr. Gunjan Srivastava, Chief Executive Officer, under the MIRC Employee Stock Option Plan 2023. This substantial grant represents one of the largest ESOP allocations in the company's recent history.

Component: Number of Options Exercise Price (₹) Time-Based Grant: 90,00,000 11.40 Performance-Based Grant: 2,05,00,000 16.81 Total Options Granted: 2,95,00,000 -

The time-based options will vest over five years starting March 31, 2027, with 20% vesting annually. Each vesting date will see 18,00,000 options becoming exercisable, provided Mr. Srivastava remains employed with the company.

Performance-Based Vesting Structure

The performance-based ESOPs are linked to ambitious cumulative operating EBITDA targets designed to drive long-term growth. The vesting structure includes two distinct tranches with specific financial milestones.

Tranche: EBITDA Target Period Tranche 1: ₹100 crores FY27-FY30 (April 2026 - March 2030) Tranche 2: ₹400 crores FY27-FY32 (April 2026 - March 2032)

Vested options may be exercised within two years from the vesting date, providing flexibility for the CEO to optimize the timing of option exercise based on market conditions.

Company Name Change Approved

Shareholders approved changing the company name from "MIRC Electronics Limited" to "Onida Electronics Limited" along with consequential amendments to the Memorandum and Articles of Association. The rationale centers on aligning corporate identity with the well-established "Onida" brand to enhance brand recall and eliminate market confusion.

Parameter: Details Current Name: MIRC Electronics Limited New Name: Onida Electronics Limited Approval Date: April 29, 2026 Effective Date: Upon ROC certificate issuance

Regulatory Compliance and Filing

The company filed detailed disclosures under Regulation 30 of SEBI (LODR) Regulations with both BSE Limited and National Stock Exchange of India Limited on April 30, 2026. The filing includes comprehensive details of the ESOP grant structure, vesting conditions, and name change rationale as required under SEBI Master Circular guidelines.

The EGM was conducted in strict accordance with MCA and SEBI guidelines for virtual meetings, with remote e-voting facilitated through CDSL and proper scrutinizer appointment ensuring full regulatory compliance.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.