MIAC on Dec. 10 completed the sale of 300,000 SMC Global shares to SMC Global's promoter group at roughly $1.06 each, for net proceeds of approximately $317,500.

After the sale, MIAC now holds 9,104,690 shares of SMC Global.

An existing agreement allows MIAC to sell 100,000 shares of SMC Global to the promoter group on the first day of each month until SMC Global completes a public offering and lists itself on a primary stock exchange either in India or the U.S.

The deal further states that there can be no assurance the promoter group will comply with their obligations under the agreement.