Investment24 Mar 2026, 05:01 pm
Magellanic Cloud Ltd Approves Participation in Rights Issue of Subsidiary Scandron Private Limited
AI Summary
Magellanic Cloud Ltd announced the outcome of its board meeting held on 24.03.2026. The board approved participation in the Rights Issue of Scandron Private Limited, a subsidiary of the company. The board agreed to subscribe to up to 56,00,000 equity shares of Scandron Private Limited at an issue price of ₹100 per share, amounting to ₹56,00,00,000. The final number of shares and investment amount will be determined at the time of subscription based on commercial considerations and acceptance of the Rights Issue.
Key Highlights
- Magellanic Cloud Ltd to participate in the Rights Issue of its subsidiary Scandron Private Limited
- The company agreed to subscribe to up to 56,00,000 equity shares at ₹100 per share
- The total investment amount will not exceed ₹56,00,00,000
- The final number of shares and investment amount will be determined at the time of subscription
- Detailed disclosure will be submitted upon completion of allotment of shares by Scandron Private Limited