MIC Electronics gains on stake sale in subsidiary
Hyderabad-based MIC Electronics Limited is trading over 2.5 per cent higher at Rs 33.35 after the company reported that it has sold off its entire 68.26 per cent stake in its step-down subsidiary – InfoSTEP India Private Limited.
“To consolidate and focus on its core business of LED lighting and display systems, MIC Electronics Limited sold its entire 68.26 per cent stake of M/s. InfoSTEP Inc., CA, USA for USD 3 million in cash to M/s. Saama Technologies Inc., CA, USA," the company stated in a note to the exchange.
The stock opened at Rs 33.1 and touched a high of Rs 35.4 in intra-day trades. Around 36,572 shares have already been traded so far.