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MIC ties up with LG Innotek to enter consumer LED lighting market

MIC ties up with LG Innotek to enter consumer LED lighting market

By BizLED Bureau

Aug 11, 2016: MIC Electronics, one of the chief global players in the design, development & manufacturing of LED video displays and lighting products, has partnered with LG Innotek to enter into consumer LED lighting market. Under the partnership, MIC-LG branded LED lighting products is set to hit the market in the third quarter of the financial year 2016-17.

MIC Electronics and State Bank of India (SBI) have jointly agreed for a one time settlement of working capital loan in accordance to the settlement letter dated August 03, 2016. SBI has agreed to put aside the entire outstanding interest of Rs 22.46 crore. Accordingly, the whole outstanding due of MIC Electronics towards this loan has been decreased to Rs 57.43 crore.

MIC ties up with LG Innotek to enter consumer LED lighting market

The company is at present trading at Rs 14.99, up by 0.44 points or 3.02% from its preceding closing of Rs 14.55 on the BSE. The scrip opened at Rs. 14.98 and has witnesses a high and low of Rs. 15.25 and Rs. 14.71 respectively. Up to now 155628 shares have been traded on the counter.

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The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 28.80 on 17-Aug-2015 and a 52 week low of Rs. 13.00 on 07-Jun-2016. Last one week high and low of the scrip stood at Rs. 15.25 and Rs. 13.85 correspondingly. The existing market cap of MIC Electronics is Rs. 264.38 crore. The promoters holding in the firm held 15.60%, whereas Institutions and Non-Institutions stood at 0.15% and 84.25% correspondingly.

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