Magellanic Cloud Amends Preferential Issue Objects, Total ₹490.89 Cr
Magellanic Cloud Ltd has amended the objects for its preferential issue of equity shares and convertible warrants, totaling ₹490.89 crore. The key change involves modifying "Object No. 6" from a broad description of strategic acquisitions and investments to a more concise "Acquisition for inorganic growth opportunities." The proceeds will be allocated across several objectives including investment in its subsidiary MCRAY Xtend India Private Limited for a drone manufacturing facility (₹150 crore), incremental working capital (₹100 crore), repayment of borrowings (₹50 crore), research and development for drone technologies (₹75 crore), general corporate purposes (₹100 crore), and inorganic growth opportunities (₹15.89 crore). This clarification follows observations from the stock exchanges.
Key Highlights
- Preferential issue objects amended following stock exchange observations.
- Total issue size stands at ₹490.89 crore.
- Key change is "Acquisition for inorganic growth opportunities."
- Funds allocated for drone facility, working capital, debt repayment, R&D, and corporate purposes.
- Amendment clarifies use of proceeds from equity shares and warrants.
Price Impact
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